Media release by The Hon Steven Ciobo MP - Minister for Trade, Tourism and Investment
Today I announce changes to the mandate of the Export Finance Australia (Export Finance Australia).
The changes enable Export Finance Australia, Australia’s official export credit agency, to support a wider range of Australian exporters.
Subject to careful consideration Export Finance Australia will now be able to support onshore resource projects, and related infrastructure, where there is a demonstrated market gap in the availability of private sector finance.
The changes to the mandate are in response to an increasing number of resource projects in some market segments facing difficulties obtaining private market finance for otherwise viable projects.
The changes will not duplicate Government support to resource projects. Export Finance Australia will not be able to provide finance for the construction of projects that are partially funded by the Northern Australia Infrastructure Facility.
Export Finance Australia’s mandate changes come after the Export Finance Australia Amendment (Support for Commonwealth Entities) Bill 2016 passed the Parliament with bipartisan support last week.
The amendments help Export Finance Australia keep pace with Australia’s changing exports by enabling Export Finance Australia to lend directly to a broader range of small and medium-sized enterprises (SMEs), including tourism operators, online businesses, exporters of intellectual property and other related rights, and businesses engaged in overseas direct investment.
Importantly, the amendments enshrined in legislation a requirement that there is a net increase in Australian jobs within a business applying for Export Finance Australia financing for overseas direct investment.
The updated mandate and amendments make it easier for Export Finance Australia to support our exporters, helping create Australian jobs and drive economic growth.
- Trade Minister's Office: (02) 6277 7420
- DFAT Media Liaison: (02) 6261 1555