Export Finance and Insurance Corporation Amendment Bill 2014—2014 Inquiry

Submission Overview

In response to the most recent inquiry, the ECA would like to reiterate the important role Efic plays in providing finance to Australian exporters and express its strong support for increasing the flexibility of Efic’s lending arrangements to include the ability to lend directly to all SMEs. The AIBS research referenced above, and other surveys conducted over recent years, have all highlighted difficulties that SME businesses have experienced in accessing working capital / finance to take advantage of export opportunities.
The Bill will expand Efic’s powers to allow direct lending for export transactions involving all goods, not just capital goods, and provides for competitive neutrality principles to apply to Efic’s operations. With only 5% of exports from Australia being capital goods, Efic’s scope to lend is currently narrow. Amending the Act will expand Efic's capacity to support Australian business, particularly SMEs.

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Ed Serrano
Managing Director,
VEKTA Advanced Automation
Member of the ECA

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