The legislation that passed through the Senate provides for the establishment of the RIC, its functions and governance arrangements, and the Bill will now return to the House of Representatives.

Minister for Agriculture and Water Resources, David Littleproud, said the RIC dream would now become a reality for regional Australia.

“The RIC will help spur investment and growth in regional Australia,” Minister Littleproud said.

The RIC will administer loans directly to farmers, under the $2 billion farm business concessional loans program, from its decentralised regional headquarters in Orange, initially delivering around 25 jobs for the region.

“The RIC will also administer the National Water Infrastructure Loan Facility to help fast-track the construction of priority water infrastructure projects," he said.

“It’s a shame we had to fight the Labor Party to deliver this promise to regional Australians.”

Until July 2018, farm businesses can continue to apply for concessional loans through their jurisdiction’s delivery agency.

State and territory governments can continue to apply for water infrastructure loans through the Department of Agriculture and Water Resources.

The RIC will launch from 30 July this year and aims streamline the delivery of farm business concessional loans and administer the National Water Infrastructure Loan Facility.