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 loans to ensure they are delivered in a nationally consistent and efficient manner.

The RIC is a corporate Commonwealth entity. Its enabling legislation is available on the Federal Register of Legislation website.

The RIC commences its functions on 1 July 2018.

New: Recruitment of Chief Executive Officer

The RIC is now seeking applications for the position of Chief Executive Officer.

Reporting to the Board, the CEO will provide executive leadership to develop and implement the RIC’s strategic direction, culture and vision, and will be responsible for the day-to-day administration of the organisation. The CEO will work closely with the Board through the establishment phase – building the team; implementing new systems and processes; identifying key risks and negotiating and managing major contracts. The CEO will also advise government on improving operational and policy outcomes for both farm business loans and water infrastructure loans, and will keep abreast of emerging agribusiness issues to manage demand for finance and ensure that assistance is reaching eligible farm businesses that are most in need.

Candidates will need to demonstrate strong experience in agribusiness, ideally in banking and finance, with the proven ability to manage relationships with stakeholders, customers and government. A deep understanding of the issues facing rural industries and communities in Australia, and the financial viability of businesses within the agricultural sector will be essential.

For a confidential discussion please call Felicity Stalley at Omera Partners on 02 8922 7221.

For a copy of the candidate information pack, please email K Tinkler.

To apply, please email your cover letter and CV to RIC.

Closing date: 8 July 2018.

Appointment of the Board

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

On 29 March 2018 and 20 April 2018 the Government appointed four Board members.​

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 closed at 2pm on 5 March 2018.

The REOI documents are via AusTender

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.

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

Detailed information on the RIC’s new farm business loans will be available when the RIC’s website is launched in July 2018.

Download

DocumentPagesFile size
Discussion paper on key loan settings (4 October 2017) PDF 3364 KB
Discussion paper on key loan settings (4 October 2017) DOCX 328 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 engaged with stakeholders to inform the development of the service delivery model for the RIC. This information was provided to the RIC Board for consideration.

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

Download

DocumentPagesFile size
Market Analysis Disclaimer PDF 2128 KB
Market Analysis Disclaimer DOCX 2105 KB
Market Analysis Questions PDF 1366 KB
Market Analysis Questions DOCX 1125 KB
Proposed Governance Structure PDF 1142 KB
Proposed Governance Structure DOCX 1108 KB
Essential Services Flow PDF 1126 KB
Essential Services Flow DOCX 1117 KB

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