RIC begins fruitful relationship with Orange
16 May 2018
- Regional Investment Corporation (RIC) board to be headquartered in Orange
- The board considered several regional cities and their suitability for the RIC
- Work continues on getting the RIC open for the benefit of farmers and regional business
Orange in New South Wales is set to become the home of the Regional Investment Corporation (RIC) after the board confirmed the location for its new headquarters.
Minister for Agriculture and Water Resources David Littleproud today joined local member Andrew Gee to welcome the decision to place the RIC in the regional city.
"This was a win for rural and regional Australia and the local community," Mr Gee said.
"Now that we have legislation passed, the Board in place, and its home well and truly settled, work can continue on getting RIC open for the benefit of farmers. Everyone in the region will get a shot at the local employment this will bring."
Minister Littleproud said the Regional Investment Corporation was set up to support jobs and business in country places.
"The RIC is ready to roll. People who live in our regional communities deserve to have access to government services, high paying jobs and the economic benefit it brings to their towns," Minister Littleproud said.
"Orange is a perfect location for the RIC as it is already home to a number agricultural investment institutions. It means we can build the best RIC possible, and there will be benefits to the regional economy.
"It is a shame we had to fight the Labor Party to deliver this promise to regional Australians.
"The RIC will support eligible farm businesses to take advantage of new and emerging opportunities and manage through difficult periods like droughts and deliver the Coalition Government's water infrastructure loans."
Deputy Prime Minister Michael McCormack said the Government's commitment to decentralisation is delivering for communities across the country.
"Today's milestone for Orange will be welcomed news throughout the Central West region and delivers a key policy for regional jobs and opportunities," Mr McCormack said.
"Whether it's establishing the Regional Investment Corporation at Orange or moving agencies such as the AgriFutures Australia to Wagga Wagga, the Grains Research and Development Corporation to places such as Dubbo and Toowoomba or the Australian Pesticides and Veterinary Medicines Authority to Armidale, decentralisation is a central plank of the Government's plan to help boost jobs and productivity in the regions."
The Board considered several regional cities and their suitability for the RIC, and considered factors such as transport and accessibility, availability of commercial real estate, telecommunications, available workforce, and amenities and services.
It also considered the regional importance of agriculture and proximity to related organisations such as government departments and financial service organisations.
- The RIC will administer loans directly to farmers, under the $2 billion farm business concessional loans program.
- The RIC will also run the National Water Infrastructure Loan Facility to help fast-track the construction of priority water infrastructure projects.
- The RIC will administer the Coalition Government's $2 billion farm business concessional loans program and the $2 billion National Water Infrastructure Loan Facility.
- The RIC will launch in July, but until 30 June, farm businesses can still access concessional loans under the existing loans schemes state delivery agencies.