It’s almost as old as the Coalition government but the Northern Australia Infrastructure Facility, Tony Abbott’s $5bn solution to reinvigorating the north, can only lay claim to three funded projects.

The Naif was once again the subject of criticism last week when, in response to a question on notice, the government was forced to admit that just under $40m had been released for projects in four years. What was to be its biggest spend – $1bn for a rail line linking the Adani Carmichael coalmine to the Gladstone port – was rejected by the Queensland state government, which has to sign off on any infrastructure spend.

The fund was designed as a concessional loan scheme to kickstart infrastructure and job creation across northern Australia. But low interest rates and shifting economic priorities, combined with bureaucratic delays in how the scheme was originally administered, has resulted in less than anticipated pick-up.

The government has continually pointed to the “investment pipeline” as proof of its slowburn success.

“Right now, including conditional approvals, the Naif has invested upwards of $1.4bn in 14 jobs-generating projects across northern Australia. In total, the projects approved for Naif loans are forecast to support more than 4,000 jobs and more than $2.9bn in broad-based public benefit,” the minister for resources and northern Australia, Matt Canavan, said in a statement.

“Whichever way you look at it, that’s a significant investment in new and innovative projects in our north.

“The Naif continues to successfully support the development of new industries, businesses and jobs by leveraging private sector investment via its concessional loans to projects.

“Once Naif makes an investment decision and conditions are met, how and when proponents choose to draw down on loan approvals is a matter for them.”

One of those recent approvals, a $25m loan for an on-farm beef processing site in central Queensland will be the first funds to flow through to the state originally touted as the biggest beneficiary of the fund.

But the approval for the abattoir of cattle barons Blair and Josie Angus raised eyebrows on social media, given the couple’s staunch public defence and support for the Coalition government.

Canavan denied he had any influence over the Angus project, or any other submission.

“Nominated projects are rigorously assessed to ensure taxpayer funds are invested wisely,” he said. “As minister for northern Australia, a big part of my job is to connect with the dynamic businesses and industries of the north – both emerging and established.

“I live in northern Australia, spend much of my time in northern communities and am proud of the people who are driving the north’s development. These businesspeople have displayed guts and grit in applying for Naif loans and should not be criticised for their success in meeting the tough criteria required to secure a loan.

“Under the Naif legislation, I have no power to direct the Naif to invest in any project. Any implication this has occurred is factually incorrect and an insult to the integrity of the independent Naif board.”

The Queensland Labor government has also awarded a grant to the project, as part of its own regional jobs fund.

At this rate it will take 500 years for the government to spend the whole $5bn. Labor senator Murray Watt

Labor senator Murray Watt, who has been tasked with building Labor’s federal profile in regional Queensland, did not criticise the Angus project, instead concentrating on “central Queensland finally getting something out of the federal government’s disappointing Naif”.

“The question now is how long central Queensland will have to wait to actually see these promised Naif dollars,” he said in a statement. “At this rate it will take 500 years for the government to spend the whole $5bn.

“Not one project in Queensland has actually received a dollar from the Naif, despite various ‘investment decisions’.

“The federal government needs to start releasing funding from the Naif now to start delivering the jobs central Queensland needs. Until then it’s just more empty promises.”

The LNP’s Michelle Landry, who is the MP for Capricornia, received an almost 12% swing towards her at the last election. The swing away from Labor in north and central Queensland electorates helped hand the LNP three Queensland Senate positions, in what was one of Labor’s worst election results in decades.