Regional Investment Corporation

​​​​​​Media releases

About the Regional Investment Corporation

The Australian Government is establishing the Regional Investment Corporation (RIC) to deliver up to $2 billion in Commonwealth farm business concessional loans and the $2 billion National Water Infrastructure Loan Facility.

The RIC will streamline the administration of farm business loan arrangements to ensure they are delivered in a nationally consistent and efficient manner.

The legislation to establish the RIC as a corporate Commonwealth entity was passed by the Senate and the House of Representatives on 6 February 2018.

The government has announced its intention to locate the RIC in Orange, NSW.

Appointment of the Board

The RIC will be a corporate Commonwealth entity with an independent Board consisting of a part-time Chairperson and two to four part-time Board members. The Board’s role will be to ensure the proper, efficient and effective performance of the RIC’s functions.

Expressions of interest for a part-time Chairperson and part-time Board members closed on 23 June 2017.

On 4 April and 20 April 2018 the Government announced the appointment of  Board members.

Board members are:

Chair

Mr David Foster is an experienced Chair and Non-Executive Director with roles in a diverse range of industries, including financial services, retail, local government, education and professional services. Prior to his Board roles, he had an extensive banking career spanning over 25 years. This includes five years as Chief Executive Officer of Suncorp Bank and over 14 years with Westpac, with a number of senior roles in New South Wales and Queensland. He holds current directorships with the Motorcycle Holdings Limited, Thorn Group Limited, Genworth Mortgage Insurance Limited, G8 Education Limited and Local Government Enterprises of Queensland.

Members

Ms Lucia Cade has considerable experience in engineering and commercial leadership, with a focus on water infrastructure, utilities and professional services. She has been Chair of South East Water, a government-owned water utility, since October 2015, and holds other non-executive appointments in engineering, infrastructure and technology. Lucia has significant executive experience in water engineering, infrastructure and professional services, including appointments with Melbourne Water, City West Water, and AECOM. Since 2004 she has managed a portfolio of advisory and consulting clients, and recently was a member of the technical advisory panel for the National Water Infrastructure Development Fund.

Mr Mark Lewis is a former WA Minister for Agriculture and Food and was the Member for the Mining and Pastoral Region in the WA Legislative Council from 2013 to 2017. During that time, his responsibilities included the Rural Business Development Corporation, which administers loans to primary industries, including concessional loans on behalf of the Commonwealth. He also has experience in water infrastructure planning and development through his role as Minister for Agriculture and Food. He has been involved in and owned cereals, sheep/cattle and horticulture farms, and is currently a Corporate Advisor with AFS Agriculture Limited, advising a number of agriculture-related joint ventures and private equity companies.

Ms Prue Bondfield has significant agribusiness and farming expertise from her role as General Manager and Director of Palgrove Management Pty Ltd, a corporate livestock business with properties in Queensland and NSW. Prue also has strong agriculture industry networks from various roles on state entities and advisory committees. She was Chair of the Beef Industry Sustainability Framework Steering Committee, which was formed by the Red Meat Advisory Council. She was also a Director of the State Management Council for the NSW Livestock Health and Pest Authorities, and Director of the Beef Improvement Association.

Request for Expressions of Interest (REOI)

On 12 February 2018, the department released a REOI for the loan assessment and management services for the delivery of farm business concessional loans for the Regional Investment Corporation.

Responses close at 2pm on 5 March 2018.

The REOI documents are via AusTender

Office accommodation—approach to market

On 17 August 2017, the Australian Government released a Request for Information (RFI) seeking to identify suitable office accommodation options for the RIC in Orange, ready from early 2018.

Expressions of interest closed on 15 September 2017.

Discussion paper on key loan settings

The RIC will deliver a new farm business concessional loans scheme that aims to support the long-term strength, resilience and profitability of eligible Australian farm businesses.

Between July and October 2017 the department engaged with stakeholders to inform the development of the RIC’s new scheme.

This phase of stakeholder engagement has now concluded.

The discussion paper provided to stakeholders to guide this consultation is available below.

Download

DocumentPagesFile size
Discussion paper on key loan settings (4 October 2017) PDF 3364 KB
Discussion paper on key loan settings (4 October 2017) DOCX328 KB

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Market analysis stakeholder information pack

The RIC will deliver new farm business concessional loans in a nationally consistent, streamlined and timely way.

The Australian Government has engaged with stakeholders to inform the development of the service delivery model for the RIC. This information will be provided to the RIC Board when appointed for consideration.

Information provided to stakeholders prior to the facilitated market analysis sessions, including the discussion points, is included below.

If you wish to provide feedback on the service delivery model of the RIC, please contact the Department of Agriculture and Water Resources on 1800 900 090 or email RIC.

Download

DocumentPagesFile size
Market Analysis Disclaimer PDF2128 KB
Market Analysis Disclaimer DOCX2105 KB
Market Analysis Questions PDF1366 KB
Market Analysis Questions DOCX1125 KB
Proposed Governance Structure PDF1142 KB
Proposed Governance Structure DOCX1108 KB
Essential Services Flow PDF1126 KB
Essential Services Flow DOCX1117 KB

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