Senate debates

Wednesday, 19 March 2014

Questions without Notice

Export Finance and Insurance Corporation

2:46 pm

Photo of Mathias CormannMathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

Let me first reassure Senator Xenophon and the Senate that the government always takes very seriously the advice that is provided by the Productivity Commission. We of course consider Productivity Commission findings and recommendations as we make judgements on how the operations of government can be made more efficient, better targeted and generally improved. Having said that, as I have said in a previous answer, we do not have any current plans to make changes to EFIC.

In terms of the latter part of the question, I am advised that small and medium sized enterprises signing continues to dominate EFIC's business and it is at a level of 80 per cent. Global financial markets, I am told, are not continually efficient, as this case demonstrates and as the small business sector has experienced in Australia over the last six years. The longer loan terms required could not be met by the financial market in Chile. When working within global supply chains, as I said earlier, our small and medium sized enterprises need the opportunity to be drawn into the orbit of larger projects— (Time expired)


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