Josh Frydenberg (Kooyong, Liberal Party, Minister for Resources, Energy and Northern Australia) Share this | Hansard source

I move:

That this bill be now read a second time.

The consequential amendments bill amends the Export Finance and Insurance Corporation Act 1991 to enable Efic to deliver administration services on behalf of the facility, and the states and territory. Efic will be able to charge fees for these services to recover costs. Examples of the types of services which may be delivered include loan origination, due diligence, credit and portfolio management, and loan administration. Under this model, the board of the facility will retain responsibility for all investment decisions and risk.

This amendment does not mean that Efic will have to be used as a service provider for the NAIF, but amending the EFIC Act to allow Efic to undertake these services will ensure this is an option that is available to the NAIF. I am keen to utilise existing Commonwealth capabilities, achieve cost-effectiveness and provide for flexibility in the delivery of this important policy.

I commend this bill to the House.

Debate adjourned.

See this speech in context