Government Senators' Dissenting Report

1.1The Australian Government has established two programs which can support projects like Iron Boomerang, once they have developed their investment proposal.

1.2The National Reconstruction Fund (NRF), which seeks to add value to Australia's resources, could provide loans, guarantees or purchase equity in the project. Funding decisions in the NRF will be made by an independent board based on proposals that are submitted to them and which are the responsibility of the applicant.

1.3Through the Northern Australia Infrastructure Facility (NAIF), the government is investing millions in social infrastructure projects, including staff and student accommodation, airport upgrades and university facilities across Northern Australia.

1.4NAIF has a range of considerations that their independent board takes into consideration before making a decision to support a particular project.

1.5We recommend that:

Recommendation 1

1.6The project proponent work with interested parties (including the Department of Industry, Science and Resources) to explore opportunity for green iron and green steel production. This engagement should focus on understanding:

the sovereign capability that such projects would represent;

the jobs and capability that could be created;

the role that Traditional Owners, governments (at all levels), and local communities can play; and

the potential for carbon emissions reductions in Australia and in partner nations.

Senator Glenn SterleSenator Linda White

Deputy ChairMember

Labor Senator for Western AustraliaLabor Senator for Victoria