Sandy Macdonald (NSW, National Party, Parliamentary Secretary to the Minister for Defence) Share this | Hansard source

I thank the opposition for their support of the Export Finance and Insurance Corporation Amendment Bill 2006. I also thank Senator Chapman for his comments. I think he summed up the legislation beautifully. I have very little to add. I take on his comments about the role of explanatory memoranda. I acknowledge that. I have certain sympathy for what he had to say in that regard.

The intention of this legislation is to implement changes to the board management structure of EFIC. The bill forms part of the implementation of the government’s response to, as Senator Chapman said, the review of Mr John Uhrig. At this stage, it is expected that the changes to the EFIC board’s management structure will take place some time in the autumn of 2007. The bill is noncontroversial. The bill will have no financial impact. EFIC’s very important mandate and function will not be affected. I commend the bill to the Senate.

Question agreed to.

Bill read a second time.