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Statement On Rural Finance Corporation Proceeds

19 May 2015

The Andrews Labor Government will use the proceeds of the sale of the Rural Finance Corporation to fund the Murray Basin Rail Project, with the remaining funds reinvested into regional and rural projects.

Claims to the contrary are misleading and factually incorrect.

The Labor Government has previously confirmed on the record that the proceeds will be used to fund projects in regional and rural Victoria.

The State Government has confirmed it will use the proceeds from the sale of Rural Finance Corporation (RFC) to fund the Murray Basin Rail Project.

Public Transport Minister Jacinta Allan yesterday told Sunraysia Daily $220 million of the proceeds had been set aside to upgrade and standardise freight rail to north-west Victoria, and the remaining funds would finance other regional projects.

Minister for Transport, Jacinta Allan - Sunraysia Daily – 8 May, 2015

This position has not changed.

The investment of the proceeds of the sale into regional Victoria is in addition to the Labor Government’s $500 million Regional Jobs and Infrastructure Fund which will create jobs, support major projects and boost regional economies.

Quotes attributable to the Minister for Regional Development, Jaala Pulford

“Once again, the Nationals have been caught out misleading regional communities.”

“It is clear the proceeds of the sale of the Rural Finance Corporation will be used to fund the Murray Basin Rail Project, with the remaining funds directed towards regional and rural projects.”

“The Labor Government is investing in our regions to create jobs and economic growth – this is unlike the former Government where the only thing that grew was the unemployment rate.”

Reviewed 19 August 2020

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