Bill
Export Finance and Insurance Corporation Amendment (Support for Infrastructure Financing) Bill 2019
passed, as at 2019-04-05. Foreign Affairs and Trade portfolio.
- Sponsor
- Not recorded
- Portfolio
- Foreign Affairs and Trade
Recorded stages
- introduced — 2019-02-13
- second reading — 2019-02-13
- other — 2019-02-20
- second reading — 2019-02-20
- second reading — 2019-02-20
- committee — 2019-02-20
- other — 2019-02-21
- committee — 2019-02-21
- third reading — 2019-02-21
- introduced — 2019-04-02
- second reading — 2019-04-02
- second reading — 2019-04-02
- second reading — 2019-04-03
- third reading — 2019-04-03
- passed — 2019-04-03
- royal assent — 2019-04-05
Divisions
- The majority voted in favour of the main idea of the bill, which means the Senate can now discuss it in more detail. In parliamentary jargon, they voted to read the bill [for a second time](https://www.peo.gov.au/learning/fact-sheets/making-a-law.html). ### What does the bill do? The bill [was introduced to](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/r6263): > *expand the ability of the [Export Finance and Insurance Corporation](https://en.wikipedia.org/wiki/Export_Finance_and_Insurance_Corporation) to finance infrastructure projects by increasing its [callable capital](https://dictionary.cambridge.org/dictionary/english/callable-capital) and granting it a new overseas infrastructure financing power.* — 2019-04-03, Senate: affirmative, ayes 35, noes 11
- The majority voted in favour of a [motion](https://www.openaustralia.org.au/senate/?id=2019-04-03.217.1) to pass the [bill](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/r6263) in the Senate. In parliamentary jargon, they voted to read the bill [for a third time](https://www.peo.gov.au/learning/fact-sheets/making-a-law.html). Since the bill was already passed in the House of Representatives, it will now become law. ### What does this bill do? The bill was introduced to: > *expand the ability of the [Export Finance and Insurance Corporation](https://en.wikipedia.org/wiki/Export_Finance_and_Insurance_Corporation) to finance infrastructure projects by increasing its callable capital and granting it a new overseas infrastructure financing power.* — 2019-04-03, Senate: affirmative, ayes 35, noes 11
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2019-02-13.
The bill would let the Export Finance and Insurance Corporation finance more overseas infrastructure projects that benefit Australia.
It would give Efic a new power to back projects based on an Australian benefit test and raise its callable capital by $1 billion.
Efic could also operate under the trading name Export Finance Australia.
- Increases Efic's callable capital by $1 billion.
- Grants Efic a new overseas infrastructure financing power.
- Allows Efic to use the trading name Export Finance Australia.
The Export Finance and Insurance Corporation and Australian businesses involved in regional infrastructure projects.
Sources
em
billhome
frl act