Bridget McKenzie (Victoria, National Party, Minister for Emergency Management and National Recovery and Resilience) Share this | Hansard source

I think honourable senators for their contributions to this debate on the Export Finance and Insurance Corporation Amendment (Equity Investments and Other Measures) Bill. 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.

I welcome the Senate Foreign Affairs, Defence and Trade Legislation Committee's endorsement of the bill and its purpose and its recommendation that the bill be passed. The government notes the Australian Greens' dissenting recommendations in the committee report but respectfully disagrees. The government sees no need to delay the bill or to remove Export Finance Australia's existing exemptions under the Freedom of Information Act.

As noted by the committee, 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 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, comprising loans, guarantees, bonds and insurance. However, the equity investment power 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 region.

In conclusion, the bill—

Debate interrupted.