A $5 billion loan facility will be set up to promote...

A $5 billion loan facility will be set up to promote infrastructure investment across northern Australia, in one of the major new initiatives unveiled on Tuesday night.
The northern states, as well as private companies, will be able to appeal to the government for access to the loan account, which will lend at cheap interest rates.
The measure is an early element to be included in the Abbott government's White Paper on Developing Northern Australia, which should be released next month.
"We will partner with the private sector and governments of Western Australia, the Northern Territory and Queensland, to provide large concessional loans for the construction of ports, pipelines, electricity and water infrastructure that will open our northern frontier for business," Treasurer Joe Hockey said in his budget speech.