Export Finance Australia

Export Finance Australia, previously known as the Export Finance and Insurance Corporation (EFIC), is Australia's export credit agency and has worked within various statutory frameworks since 1957. Export Finance Australia was established in its current form on 1 November 1991 under the Export Finance and Insurance Corporation Act 1991 (Cth) as a statutory corporation wholly owned by the Commonwealth of Australia.

Export Finance Australia
Agency overview
Formed1 November 1991
JurisdictionCommonwealth of Australia
Employees105
Annual budgetA$38.6 million (2006)
Agency executives
Parent agencyDepartment of Foreign Affairs and Trade
Websitewww.exportfinance.gov.au

Export Finance Australia reports to Australia's Minister for Trade, Tourism and Investment, and is part of the Department of Foreign Affairs and Trade.

In April 2020, during the COVID-19 pandemic, the Morrison government announced that Export Finance Australia would administer a $500-million credit facility for small and medium exporters. The COVID-19 Export Capital Facility was available until April 8, 2021.[1]

Criticism

In 2014, it was reported that the EFIC had provided over 20 letters of credit to Shark Bay Salt since the 2009-10 financial year, despite the company being a subsidiary of Mitsui & Co., a Japanese multinational corporation. It did not provide assistance to Australian-owned salt firms in similar circumstances. It was also reported that the EFIC had breached its own capital adequacy rules. The Abbott government's National Commission of Audit recommended that the EFIC be abolished, while the Productivity Commission recommended that its scope be limited to small and medium enterprises.[2]

References
  1. Tillett, Andrew (15 April 2020). "Government throws $500m lifeline to exporters". The Australian Financial Review. Retrieved 2 February 2021.
  2. Potter, Ben (9 May 2014). "Shark Bay Salt hits up EFIC – again and again". The Australian Financial Review. Retrieved 2 February 2021.
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