Marise Payne (NSW, Liberal Party, Minister for Defence) Share this | Hansard source

I would refer the senator to the 2016 Defence Industry Policy Statement, which was launched by the government in February 2016—so he has had almost two years to turn his mind to that—which set out our plans in relation to development of defence industry in this country, recognising it is a fundamental input to capability. The export strategy developed by the Department of Defence, the Minister for Defence Industry and me is a significant next step in that process. What the Efic facility does, which the senator has referred to, is to take up Efic's significant experience in complex, large-scale project financing and, as a national interest account facility, while Efic will do the due diligence, the loan structuring and the administration, all final loan decisions will be subject to cabinet approval. And I reiterate: they will all be considered under Australia's rigorous defence export control provisions.