Media Release: Regional Investment Corporation to be located in Central West NSW
Regional Development Australia (RDA) Central West has welcomed the announcement today that the Federal Government’s new Regional Investment Corporation (RIC) headquarters will be located in Orange, Central West NSW.
The announcement was made in Orange today by Deputy Prime Minister and Minister for Agriculture and Water Resources, Barnaby Joyce, and Member for Calare, Andrew Gee.
“Locating the RIC in Orange makes sense, building on the existing base of agricultural investment institutions in the city, including the New South Wales Rural Assistance Authority and Macquarie Bank’s Paraway Pastoral livestock enterprise,” Minister Joyce said.
“Orange is an important agricultural hub in a region which generates about $1.7 billion in gross agricultural production, and is the home of the NSW Department of Primary Industries.”
Member for Calare, Andrew Gee, said “I am excited to see that the RIC will open here in Orange in 2018, bringing with it about 30 skilled jobs initially, with the capacity to grow as needed.”
RDA Central West Deputy Chair, Reg Kidd said that “in line with the recent budget commitment to fund construction of the Inland Rail, through Parkes, this is recognition that Central West NSW is on the move.”
Mr Kidd reiterated that the announcement represented a huge boost for the region and was recognition that Central West NSW was one of the most suitable and attractive regions in the country for investment and the location of government agencies.
“This is great news for our region and surrounding communities,” Mr Kidd said. “It means new jobs, more career pathways for regional people and greater regional investment opportunities.”
“It not only benefits our regional communities, but it provides the government with much stronger regional partnerships and taps in to the expertise we already have here.”
The role of the RIC will be to streamline the delivery of up to $4 billion in concessional loans designed to secure economic growth, investment and resilience in rural and regional communities across Australia. It will administer the government’s $2 billion farm business concessional loans from 2018–19, as well as the $2 billion National Water Infrastructure Loan Facility.
RDA Central West Executive Officer
Peter McMillan 0437 690 808
About Regional Development Australia – Central West
RDA Central West is part of a national network of 55 locally managed, not -for-profit incorporated associations responsible for regional economic development and is jointly funded by the Australian and NSW Governments. Our region extends from Lithgow in the east to Lake Cargelligo in the west and comprises the local government areas of Lithgow, Oberon, Bathurst, Blayney, Orange, Cabonne, Cowra, Parkes, Forbes, Weddin and Lachlan.