Northern Territory Auditor-General's Office, February 2023 Report to the Legislative Assembly
Tabled Paper 772
Tabled Papers for 14th Assembly 2020 -; Tabled Papers; ParliamentNT
2023-02-14
Tabled by the Speaker
Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.
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Tabled papers
Legislative Assembly of the Northern Territory
Darwin
application/pdf
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Legislative Assembly of the Northern Territory
https://www.legislation.gov.au/Details/C2019C00042
https://hdl.handle.net/10070/898837
https://hdl.handle.net/10070/898851
Auditor-General for the Northern Territory February 2023 Report Page 59 of 131 Local Jobs Fund cont Table 4: Products Available and Conditions 2022 Product Fund Amount Investment Term Transaction Limit Loan Guarantees not available Concessional Business Loans none 7 years $100,000 - $10 million Equity and Equity-based securities such as - Convertible Notes - Simple Agreement for Future Equities - Keep It Simple Securities and variations thereof none 12 years $100,000 - $10 million Priority Sector Collaborative Grants none not applicable $100,000 Part A $1 million Part B Infrastructure Grants for Transformational Economic Growth Projects not available Source: The LJF Policy Framework March 2022 Governance The Fund is being managed by DCMC and the table below presents the key positions and associated roles undertaken in establishing the Fund. Table 5: Key Roles in establishing and managing the Fund Entity Role Government Approved the establishment of the Fund committing $91.5 million in funding in October 2018. In June 2021, the Government approved an additional funding contribution of $120 million, being $60 million in 2022 and $60 million in 2023. Chief Minister / Treasurer Responsible for developing the scope, product range, structure and investment mandate for the Fund. Investment Committee Provide advice and make recommendations to the NTG in relation to Fund Applications. It will not make decisions as to whether or not support will be granted to individual applicants, that decision was originally the responsibility of the Chief Executive Officer of the Department of Trade, Business and Innovation (DTBI) and is now the responsibility of the Chief Executive Officer of DCMC, the relevant Minister or Cabinet. DCMC (and previously DTBI) Responsible for establishing and managing the Fund. Department of Treasury and Finance Responsible for drafting Treasurers Directions that support the Funds products. Source: www.jobsfund.nt.gov.au