4 years ago
CANAVAN CAUGHT OUT CLAIMING FAILED NAIF LOANS
Senator Murray Watt
Last night’s Senate Estimates revealed that the Prime Minister isn’t the only person in Parliament who’s loose with the truth.
Northern Australia Minister Matt Canavan was caught out on two big fibs about his failed Northern Australia Infrastructure Facility (NAIF).
We now know the NAIF, better known as the No Actual Infrastructure Fund, is an even bigger flop than previously thought.
Firstly, it was revealed that the Minister is continuing to claim, as successes, NAIF loans that have fallen through.
The NAIF website continues to promote the Pilbara Minerals Limited as a “Case Study” of NAIF’s successes, despite the loan no longer proceeding.
As recently as last month Minister Canavan was claiming the Pilbara Minerals Limited project as one of the six investments that NAIF had made in Western Australia, crowing in a media release that “more than 1300 jobs will be created across these projects during construction and operations”.
How can the NAIF be claiming to create jobs when its loan is not even proceeding?
Minister Canavan was utterly unrepentant for falsifying the NAIF’s successes, saying that:
“it’s still a project that has reached the investment decision stage of the NAIF.”
When outgoing CEO of the NAIF, Laurie Walker was questioned as to whether any other approved NAIF loans were at risk of toppling over, she replied “there is risk around projects always”.
Secondly, it was revealed that the NAIF has released even less funding than has recently been claimed in media reports.
In an article in the Morning Bulletin published 30 September, Minister Canavan claimed that “the latest draw down figures which showed, in total, $51.48 million had been facilitated through the NAIF.”
The actual figure? $44.68 million, as discovered in Estimates last night and confirmed by Ms Walker.
The amount of funding released by the NAIF over the past four years was dismal to begin with. But now we know it hasn’t even cracked 1 per cent of total funding!
The No Actual Infrastructure Fund is such a failure, Minister Canavan has had to resort to claiming failed loans and pushing out inflated figures.
Just another example of the Morrison Government continuing to be loose with the truth.
Northern Australia Minister Matt Canavan was caught out on two big fibs about his failed Northern Australia Infrastructure Facility (NAIF).
We now know the NAIF, better known as the No Actual Infrastructure Fund, is an even bigger flop than previously thought.
Firstly, it was revealed that the Minister is continuing to claim, as successes, NAIF loans that have fallen through.
The NAIF website continues to promote the Pilbara Minerals Limited as a “Case Study” of NAIF’s successes, despite the loan no longer proceeding.
As recently as last month Minister Canavan was claiming the Pilbara Minerals Limited project as one of the six investments that NAIF had made in Western Australia, crowing in a media release that “more than 1300 jobs will be created across these projects during construction and operations”.
How can the NAIF be claiming to create jobs when its loan is not even proceeding?
Minister Canavan was utterly unrepentant for falsifying the NAIF’s successes, saying that:
“it’s still a project that has reached the investment decision stage of the NAIF.”
When outgoing CEO of the NAIF, Laurie Walker was questioned as to whether any other approved NAIF loans were at risk of toppling over, she replied “there is risk around projects always”.
Secondly, it was revealed that the NAIF has released even less funding than has recently been claimed in media reports.
In an article in the Morning Bulletin published 30 September, Minister Canavan claimed that “the latest draw down figures which showed, in total, $51.48 million had been facilitated through the NAIF.”
The actual figure? $44.68 million, as discovered in Estimates last night and confirmed by Ms Walker.
The amount of funding released by the NAIF over the past four years was dismal to begin with. But now we know it hasn’t even cracked 1 per cent of total funding!
The No Actual Infrastructure Fund is such a failure, Minister Canavan has had to resort to claiming failed loans and pushing out inflated figures.
Just another example of the Morrison Government continuing to be loose with the truth.