Mr Littleproud said the fund recognised the contribution regional Australians make in growing our national economy and the unique challenges faced now and into the future.
If the Coalition is elected on May 3, it will preserve a portion of commodity windfall receipts towards the establishment of the Regional Australia Future Fund, with the intent to grow the fund to $20 billion.
“This is about putting regional people first and leaving a legacy for future generations,” Mr Littleproud said.
“Once established the fund will invest a fair share of the profits created through the hard work of regional Australians back into the regions.
“It means we don’t have to fight for funding shortfalls to provide infrastructure in regional areas.
“The fund will deliver secure and sustainable long-term funding to tackle challenges that hold back regional communities and invest in building the long-term economic foundations of regional Australia.”
The fund will be legislated in perpetuity, will have clear investment principles and will be transparent and benchmarked with a review by an independent committee, which will inform each four-year investment plan.
The fund’s initial key priorities include:
- Fixing local road and transport networks to save country lives and drive economic productivity.
- Growing the regional health workforce so families can access health and aged care that is local and affordable.
- Developing regional industries to drive economic growth and create secure jobs.
- Delivering flexible childcare solutions for families in regional, rural and remote areas.
- Growing tourism industry opportunities for regional communities and economies.
- Supporting regional businesses to market and export their product to new and expanded markets.
- Improving regional mobile and internet services for country communities.
- Building and upgrading economic and community infrastructure, facilities and services.
Mr Littleproud said the funding stream will supplement, not replace, normal government funding across these critical areas.
