Senate debates

Wednesday, 3 April 2019

Bills

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

9:03 pm

Photo of Jane HumeJane Hume (Victoria, Liberal Party) Share this | Hansard source

The question now is that the amendments on sheets 8653, 8676 and 8678 circulated by the Australian Greens be agreed to.

Australian Greens ' circulated amendments—

Amdt – 8653 - Export Finance and Insurance Corporation Amendment (Support for Infrastructure Financing) Bill 2019

(1) Schedule 1, page 4 (after line 10), after item 4, insert:

4A At the end of section 7

  Add:

  (4) EFIC must not perform a function, or exercise a power, to the extent that the performance of the function or the exercise of the power relates to a project that involves, or would facilitate, the mining and export of thermal coal on a commercial scale.

  (5) Without limiting subsection (4), EFIC must not perform a function, or exercise a power, to the extent that the performance of the function or the exercise of the power relates to:

(a) providing insurance or financial services or products in relation to a project that involves, or would facilitate, the mining and export of thermal coal on a commercial scale; or

(b) encouraging banks, or other financial institutions, carrying on business in Australia to finance, or assist in financing, export contracts or eligible export transactions in relation to a project that involves, or would facilitate, the mining and export of thermal coal on a commercial scale; or

(c) providing information or advice to any person regarding insurance or financial arrangements available to support the export of thermal coal on a commercial scale.

Amdt – 8676 - Export Finance and Insurance Corporation Amendment (Support for Infrastructure Financing) Bill 2019

(1) Schedule 1, item 5, page 4 (lines 11 to 18), omit the item, substitute:

5 At the end of section 8

Add:

EFIC ' s overseas infrastructure financing functions

(4) In performing its overseas infrastructure financing functions, EFIC must consider whether the overseas infrastructure development being supported by overseas infrastructure financing is likely to have an overall beneficial impact on overseas communities that are affected, or likely to be affected, by that development.

(5) For the purposes of subsection (4), an overseas community includes a country, or a part of a country (such as a city, town or village).

(6) For the purposes of subsection (4), in determining whether overseas infrastructure development has an overall beneficial impact on overseas communities, EFIC must have regard to any social, cultural, environmental or economic impact that the development supported by the overseas infrastructure financing will have on those communities.

(7) Subsection (1) and subparagraph (2) (b) (i) do not apply in relation to EFIC's overseas infrastructure financing functions.

5A After section 8

Insert:

8A Policy framework

(1) EFIC must perform its functions, and exercise its powers, in a manner consistent with the policy framework.

(2) The Minister may, by legislative instrument, establish a framework (the policy framework) setting out any matters in relation to the performance and exercise of EFIC's functions and powers.

(3) Without limiting subsection (2), the policy framework may make provision for and in relation to the following matters:

(a) what EFIC must do before performing or exercising its functions or powers;

(b) what EFIC must do to in order to act in a manner consistent with Australia's obligations under the Climate Change Conventions (within the meaning of the Product Emissions Standards Act 2007).

Consultation requirements for policy framework

(4) Before making the policy framework, the Minister must:

(a) publish a draft of the policy framework and invite people to make submissions on the draft; and

(b) consider any submissions that are received within 2 months after publishing the draft.

Amdt – 8678 - Export Finance and Insurance Corporation Amendment (Support for Infrastructure Financing) Bill 2019

(1) Schedule 1, heading, page 3 (line 1), omit "Amendments", substitute "Amendment of the Export Finance and Insurance Corporation Act 1991".

(2) Page 7 (after line 6), at the end of the Bill, add:

Schedule 2—Amendment of the Freedom of Information Act 1982

Freedom of Information Act 1982

1 Division 1 of Part II of Schedule 2

Omit:

Question negatived.

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