Export Finance Australia, previously known as the Export Finance and Insurance Corporation (EFIC), is Australia's

export credit agency An export credit agency (known in trade finance as an ECA) or investment insurance agency is a private or quasi-governmental institution that acts as an intermediary between national governments and exporters to issue export insurance solutions ...

and has worked within various statutory frameworks since 1957. Export Finance Australia was established in its current form on 1 November 1991 under the Export Finance and Insurance Corporation Act 1991 (Cth) as a statutory corporation wholly owned by the

Commonwealth of Australia Australia, officially the Commonwealth of Australia, is a sovereign country comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands. With an area of , Australia is the largest country by ...

. Export Finance Australia reports to Australia's

Minister for Trade, Tourism and Investment The Minister for Trade and Tourism is a portfolio in the Government of Australia, falling within the Department of Foreign Affairs and Trade (DFAT). The position is currently held by Senator Don Farrell, sworn in as part of the Albanese ministr ...

, and is part of the

Department of Foreign Affairs and Trade The Department of Foreign Affairs and Trade (DFAT) is the department of the Australian federal government responsible for foreign policy and relations, international aid (using the branding Australian Aid), consular services and trade and inv ...

. In April 2020, during the

COVID-19 pandemic The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identif ...

, the

Morrison Government The Morrison government was the federal executive government of Australia, led by Prime Minister Scott Morrison of the Liberal Party of Australia, between 2018 and 2022. The Morrison government commenced on 24 August 2018, when it was sworn ...

announced that Export Finance Australia would administer a $500-million credit facility for small and medium exporters. The COVID-19 Export Capital Facility was available until April 8, 2021.

Criticism

In 2014, it was reported that the EFIC had provided over 20 letters of credit to Shark Bay Salt since the 2009-10 financial year, despite the company being a subsidiary of Mitsui & Co., a Japanese multinational corporation. It did not provide assistance to Australian-owned salt firms in similar circumstances. It was also reported that the EFIC had breached its own capital adequacy rules. The Abbott Government's

National Commission of Audit The National Commission of Audit was a commission formed by the Abbott Government on 22 October 2013 as an independent body to review and report on the performance, functions and roles of the Commonwealth government. The chair of the Commission wa ...

recommended that the EFIC be abolished, while the

Productivity Commission The Productivity Commission is the Australian Government's principal review and advisory body on microeconomic policy, regulation and a range of other social and environmental issues. The Productivity Commission was created as an independent ...

recommended that its scope be limited to small and medium enterprises.

References

External links

Export Finance Australia
official website {{Authority control Commonwealth Government-owned companies of Australia Foreign trade of Australia Export credit agencies Department of Foreign Affairs and Trade (Australia) 1991 establishments in Australia