Overview

The review of the Regional Investment Corporation (RIC) Act has been completed. Submissions and the review report are available to download.

Thank you for your feedback and submissions on the review of the Regional Investment Corporation Act 2018 (the Act).

The RIC provides concessional loans on behalf of the Australian Government to farmers, drought-affected small businesses and other eligible businesses.

The Act required the review to consider:

  • the scope of the RIC’s activities after 30 June 2026; and

  • the appropriate governance arrangements for the RIC after that date.

To assist with the review, the independent reviewer, Dr Wendy Craik AM, asked for feedback. This feedback helped to inform the review and its outcomes.

How you had your say

The review received 24 submissions on the discussion paper.

Submissions for which we have received permission to make public can be downloaded from the submissions library on the right hand side of this page.

The submissions published were provided by organisations or individuals outside of the department. Some are in PDF format, which may affect their accessibility. If you need assistance accessing the content in these documents, please contact us.

The review also received 502 responses to its online survey, from farm businesses and primary-production related small businesses.

What happens next

The Review report was provided to the Minister for Agriculture, Fisheries and Forestry on 1 July 2024, and published online on 31 July 2024.

The review report can be downloaded from our website.

The review of the operation of the Regional Investment Corporation Act is now complete.

To stay informed, subscribe for project updates.

To learn more about the Regional Investment Corporation, visit our Regional Investment Corporation page.

Timeline

  • Discussion paper released: Submissions open
    closed

    16 November 2023

  • Feedback on concessional loans (survey): open
    closed

    8 December 2023

  • Feedback on concessional loans (survey): closed
    closed

    12 January 2024

  • Discussion paper: Submissions closed
    closed

    22 January 2024

  • RIC Act Review finalised (as required by legislation)
    closed

    01 July 2024

  • RIC Act Review report published
    current

    31 July 2024

Contact
RIC Act Review Secretariat
ric.act.review@aff.gov.au

Submissions

FAQs

How does this consultation differ from the RIC product consultation process currently underway (Open from Friday 20 October – Friday 17 November 2023)?

The RIC is seeking feedback and insights from its stakeholders on whether the products it offers support current sector priorities and where it can support emerging industry needs. This will support the RIC's ongoing evaluation activity and the RIC itself is undertaking this consultation process. While the RIC may choose to use insights from its product consultation process to inform its input to the RIC Act Review, this is a separate process to the independent review of the operation of the RIC Act.

The RIC Act Review is a legislated review (required under section 53 of the RIC Act) that has a broader focus to inform recommendations on the activities and governance arrangements for the RIC after 30 June 2026 (when the RIC's current loan funding is scheduled to conclude). The Minister for Agriculture, Fisheries and Forestry has appointed an independent reviewer, Dr Wendy Craik, to undertake this review, with the Department of Agriculture, Fisheries and Forestry providing secretariat support to assist Dr Craik. Stakeholder feedback from this consultation process will inform the RIC Act Review and help to determine the future activities and governance arrangements of the RIC.