Luke Hartsuyker (Cowper, National Party, Assistant Minister to the Deputy Prime Minister) Share this | Hansard source

I welcome the opportunity to speak on the Regional Investment Corporation Bill 2017, as this bill delivers on our commitment to establish the Regional Investment Corporation. We're establishing the corporation because we recognise the enormous contribution that regional and rural communities make to this nation. Agriculture is playing a more crucial role than ever in this nation's prosperity. The value of Australia's farm production and farm exports is estimated to be breaking records in 2016-17. This is why I believe an investment in our farmers is an investment in our nation's future. For our agricultural sector to reach its full potential, we need strong, resilient farm businesses that can seize opportunities in a competitive and ever-changing environment. We also need to have the right water infrastructure in place, so that agriculture can expand and further increase its productivity.

The corporation will support both these goals. The corporation will improve the delivery of the Commonwealth's farm business loans. It will remove the states as the middleman, allowing us to be more responsive in providing loans to farm businesses. We will also be able to deliver a nationally consistent program focused on the needs of Australian farmers. The corporation will be offering a new, expanded farm business loan program. Its loans will give viable farm businesses in hardship a hand-up to take advantage of the opportunities available to diversify and strengthen the markets that they supply. They will also boost farm productivity and cash flow, and provide positive economic and social flow-on effects for regional Australia. The corporation will also administer the government's National Water Infrastructure Loan Facility. Water and water infrastructure are critical to our future prosperity, particularly for agricultural industries and regional areas of Australia. The corporation will provide independent expert advice to the government on water infrastructure projects. The projects funded through the facility will help our agricultural sector achieve its full potential.

To conclude, the corporation will make a significant contribution to building stronger and more prosperous rural and regional communities. Its loans will help farm businesses build and maintain diversity in markets they supply and take advantage of new and emerging opportunities across Australia and overseas. It will also help fast-track the construction of priority water infrastructure needed to stimulate investment, economic growth and increased agricultural productivity in rural and regional Australia. Time and time again, this government has proven its commitment to backing our farmers, because we know that agriculture has been and will always be an integral part of our nation's prosperity. I will be introducing amendments shortly, but I certainly commend the bill to the House.

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