Nick Xenophon (SA, Independent) Share this | Hansard source

I move the amendment on sheet 5793.

(1)    Page 10 (after line 3), before clause 16, insert:

15A  Additional functions of EFIC

        (1)    The functions of the Export Finance and Insurance Corporation (EFIC) include assisting ABIP Limited, as agreed between EFIC and ABIP Limited, in relation to:

             (a)    ABIP Limited entering into financing arrangements in accordance with section 8; or

             (b)    ABIP Limited borrowing money in accordance with section 9; or

             (c)    ABIP Limited doing such other things as are incidental to the matters mentioned in paragraphs (a) and (b).

        (2)    Without limiting subsection (1), the assistance may include all or any of the following:

             (a)    services relating to the management of financing arrangements;

             (b)    services relating to the administration of payments and repayments in relation to financing arrangements;

             (c)    services relating to accounting, financial management or asset management.

        (3)    EFIC may charge a fee for assistance that it provides in performing any of its functions provided for by this section or exercising any of its powers in connection with those functions.

        (4)    A fee under subsection (3) must not be such as to amount to taxation.

        (5)    Section 8 (other than paragraph 8(2)(a)) of the Export Finance and Insurance Corporation Act 1991 does not apply to EFIC’s performance of the functions provided for by this section.

The amendment relates to additional functions for the Export Finance and Insurance Corporation. I referred to this during my speech in the second reading stage. Following discussions I had with Mr Fahour, the interim CEO of ABIP, it was put to me, and I agree, that EFIC would be the most suited organisation to undertake a number of the key functions of ABIP rather than it being outsourced with potential conflicts of interest. Given the sort of work that EFIC does currently, it would be quite suited to undertake the role that is foreshadowed with ABIP. I commend the amendment to the chamber.