Mr Joyce said at the time the fund had to be big enough to replace jobs in rural communities that would be lost as carbon-intensive businesses in mining and manufacturing were replaced by cleaner industries.
On Tuesday night the size of the Nationals’ price for their commitment was revealed. The regional fund backs traditional Nationals industries,with $7.4 billion for dams to expand agriculture in NSW and Queensland,and a $7.1 billion regional fund,delivered over 11 years,for infrastructure in four regions – the Pilbara,North Queensland,Darwin and the Hunter Valley. The budget also “agreed in principle” to Mr Joyce’s captain’s pick fora $5 billion rail line from Toowoomba to Gladstone to create a new port for agriculture and coal exports.
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Branded in the budget as “nation-building infrastructure projects”,the regional fund holds hundreds of millions for gas export infrastructure,including $300 million for LNG processing and carbon capture and storage.
While both major parties have issued ongoing support for fossil-fuel exports,which sits awkwardly alongside their commitment to net zero,the Nationals regional fund is supporting climate-friendly industries that could replace big emitting businesses in the clean economy.
There are billions for hydrogen,low-emissions manufacturing,green steel,and critical minerals such as rare earths and lithium,which are used to make solar panels and batteries.
Net zero transition adviser Matt Rennie,of Rennie Partners,said regional industry could easily be left behind in the clean economy,and government funding was warranted because “industry is not going to transform itself without help”.