News
On 4 November 2021, the Government tabled in Parliament an independent review into the operations of Export Finance Australia's (EFA) infrastructure financing powers (the Review).
The Review was conducted by Mr Stephen Sedgwick AO, following a commitment made by Government to assess EFA's new infrastructure financing powers as a result of amendments made in 2019 to the Export Finance and Insurance Corporation Act 1991.
The Review makes 25 findings and details the work done by EFA in implementing its infrastructure financing powers, including putting in place appropriate strategies, policies and procedures. The Review found that seven transactions, with a value of approximately $144 million, would not have proceeded without EFA's new infrastructure financing mandate.
Terms of Reference
The Terms of Reference for the review were:
- Consider the operation of EFA's overseas infrastructure financing functions and the extent to which it has supported the Government's aims and the infrastructure needs of our Pacific neighbours.
- Examine the impact of amendments made by items 1, 2, 4 to 9, 11 and 12 of the Export Finance and Insurance Corporation Amendment (Support for Infrastructure Financing) Bill 2019 (the Bill) on EFA's ability to finance overseas infrastructure projects. Table 1 at Attachment B summarises these amendments.
- Consider the views of a wide range of stakeholders, including those who provided submissions to the 2019 Senate Committee inquiry into the Bill.
- Not consider the operations of the Australian Infrastructure Financing Facility for the Pacific.
Documents
Independent review
- Export Finance Australia: Infrastructure Mandate Review – Independent Report [PDF 682 KB]
- Export Finance Australia: Infrastructure Mandate Review – Independent Report [DOCX 154 KB]
Public submissions
- ANZ [PDF 148 KB]
- Australian Trade and Investment Commission [PDF 390KB]
- Department of Foreign Affairs and Trade [PDF 1.1 MB]
- Export Finance Australia [PDF 367 KB]
- Joint Submission – ActionAid Australia; Australian Council for International Development; Jubilee Australia; Transparency International Australia; Dr Pichamon Yeophantong; Dr Susan Engel [PDF 423 KB]
- Joint Submission – Australia-Papua New Guinea Business Council; Australia-Pacific Islands Business Council; Australia-Fiji Business Council [PDF 525 KB]
- Reeves Envico Group [PDF 150 KB]
- Rhodes Project Services Pty Ltd [DOCX 195 KB]