Export Finance and Insurance Corporation Amendment (Equity Investments and Other Measures) Bill 2021

The majority voted against an amendment introduced by WA Senator Dorinda Cox, which means it failed.

Senator Cox explained that, "This amendment seeks to remove the EFA's partial FOI exemption."

Amendment text

(2) Page 7, at the end of the Bill (after proposed Schedule 3), add:

Schedule 4 — Freedom of Information Act 1982

Freedom of Information Act 1982

1 Division 1 of Part II of Schedule 2 (item dealing with Export Finance and Insurance Corporation)

Omit "4 or".

2 Application of amendments

The amendment made this Schedule does not apply to documents brought into existence before the commencement of this item.

What does this bill do?

According to the bills digest:

The purpose of the Export Finance and Insurance Corporation Amendment (Equity Investments and Other Measures) Bill 2021 (the Bill) is to give legislative effect to the Government’s decision to broaden the range of transactions that Export Finance Australia (EFA) can finance.

Specifically, the Bill will amend the Export Finance and Insurance Corporation Act 1991 (the EFIC Act) to:

• permit EFA to make equity investments and
• permit EFA Australia to offer standalone guarantees for overseas infrastructure transactions.