NAIF Act and Governance
The NAIF is established by the Northern Australian Infrastructure Act 2016 (NAIF Act) and is a corporate Commonwealth entity under the Public Governance, Performance and Accountability Act 2013 (PGPA Act).
The NAIF Act provides accountability arrangements, including requirements for the tabling of an annual report and the provision of audited financial statements.
The responsible Commonwealth Minister is the Minister for Resources and Northern Australia, Senator the Hon Matthew Canavan. The responsible Minister is responsible for the appointment of the Board Members and issuing the NAIF Investment Mandate, as well as accountability to the Australian Parliament.
The NAIF Board is responsible for deciding within, the scope of the Investment Mandate, the strategies and policies to be followed by the NAIF and to ensure the proper, efficient and effective performance of the NAIF’s functions.
The Chief Executive Officer of the NAIF, is responsible for the day-to-day administration of the NAIF, subject to (and in accordance with policies determined by) the NAIF Board.
The Queensland, Northern Territory and Western Australian Governments will work with the NAIF through the on lending of NAIF investments to project proponents. The involvement of the states and territory will help to maximise the gains from infrastructure investment in the region.