House debates

Wednesday, 20 February 2019

Bills

Export Finance and Insurance Corporation Amendment (Support for Infrastructure Financing) Bill 2019; Second Reading

6:38 pm

Photo of Mark CoultonMark Coulton (Parkes, Deputy-Speaker, Assistant Minister for Trade) Share this | Hansard source

I'd like to thank the members for their contributions to this debate on the Export Finance and Insurance Corporation Amendment (Support for Infrastructure Financing) Bill 2019. I acknowledge the bipartisan support for this important component of the government's strategy for enhancing our engagement with and support for our Pacific neighbours. As the Prime Minister has said, Australia has an abiding interest in a Pacific region that is secure strategically, stable economically and sovereign politically. We remain the largest aid donor to the Pacific. This bill enhances our regional commitment, especially to infrastructure. Better economic infrastructure in the Pacific will contribute to stronger growth not only in individual countries but also across the region, including Australia. Productive and sustainable investment is, therefore, mutually beneficial.

This bill also ensures that Australian companies will have the opportunity to apply their technical expertise, project management experience and innovative solutions to the challenges facing our close friends in the Pacific. This bill provides the certainty required by project proponents, financiers and contractors when undertaking major infrastructure projects. As such, this bill further enhances Australia's place as a valued partner and friend in the Pacific. Finally, the bill allows Efic to operate under the trading name Export Finance Australia, which more clearly describes its role. I commend this important bill to the House.

Question agreed to.

Bill read a second time.

Message from the Governor-General recommending appropriation announced.

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