David Gillespie (Lyne, National Party) Share this | Hansard source

I thank members for their contribution to this debate on the Export Finance and Insurance Corporation Amendment (Equity Investments and Other Measures) Bill 2021. These amendments will support infrastructure development in the Indo-Pacific and export linked projects in Australia as well as provide enhanced financing capabilities to the Australian Infrastructure Financing Facility for the Pacific, further supporting Australia's Pacific Step-up. The bill maintains Export Finance Australia's robust processes for assessing commerciality, risk and environmental and social impacts. Furthermore, Export Finance Australia's partial exemptions under the Freedom of Information Act will provide certainty to its customers and other financial institutions that their sensitive, commercial, financial and other information will remain confidential.

The government wants to ensure Export Finance Australia has the tools it needs to continue supporting Australian export trade and overseas infrastructure development. The amendments will bolster Export Finance Australia's ability to support Australia's national interests and priorities. They will enhance Export Finance Australia's capabilities and will complement its existing suite of financing powers, comprised of loans, guarantees, bonds and insurance. However, the equity investment will be used sparingly where there is a national interest case. Debt solutions, like loans, guarantees and bonds, will continue to be the mainstay of Export Finance Australia's support to Australian exporters and for infrastructure development in the Indo-Pacific. The bill will boost Export Finance Australia's important role in supporting Australia's economic growth and facilitate stronger links between Australian businesses and the Indo-Pacific region, while maintaining its robust processes for assessing commerciality, risk and environmental and social impacts. I commend this bill to the House.

Question agreed to.

Bill read a second time.

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