Legislation for the federal government’s Regional Investment Corporation (RIC) has been passed by the Senate this week, 33 to 31 thanks to crossbench support – the federal government is planning for the RIC to launch from July 30, 2018.
The RIC is expected to be based in Orange, a key inclusion in the federal government’s departmental decentralisation policy with 25 new jobs brought to the area. A minister-appointed board will make the final judgement call on the location, due to the ALP’s amendments aimed at increasing transparency within the RIC.
The RIC was a commitment made by the Coalition as part of the 2016 Federal Election. The RIC Board will be a corporate Commonwealth entity consisting of a part-time Chairperson and two-to-four board members. The role of the Board will be to ensure that the RIC functions in an efficient and effective manner.
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