Legislation
Export Finance Australia (EFA) was established on 1 November 1991 by the Export Finance and Insurance Corporation Act 1991 (EFIC Act). EFA is a corporate Commonwealth entity for the purpose of the Public Governance, Performance and Accountability Act 2013.
The EFIC Act sets out the organisation’s functions, primary duties and establishes arrangements for the Board, Managing Director and staff.
Purpose and Functions
EFA is the Australian Government’s export credit agency. EFA’s purpose is to support Australian export trade and overseas infrastructure development that benefits Australia.
EFA provides financial support to exporters on one of two accounts:
- Commercial Account, in which EFA carries all risks and retains all margins and fees and bears all risks and losses
- National Interest Account, where the responsible Minister can direct EFA to support transactions that are in the national interest.
EFA assists Australian businesses to compete globally. Assistance from EFA extends from small and medium-sized enterprises to large corporations, foreign governments, and infrastructure projects. With a diverse range of financial offerings they provide loans, bonds, guarantees, insurance and, in select cases, equity participation.
EFA has Service Level Agreements in place to support back-office functions to other specialist investment vehicles including:
- Australian Infrastructure Financing Facility for the Pacific
- Northern Australia Infrastructure Facility
- Housing Australia
- National Reconstruction Fund Corporation.
Responsible Ministers
The Minister for Trade and Tourism (the Minister) is the responsible Minister for EFA.
Statement of Expectations
The most recent Statement of Expectations for EFA was issued on November 2021 and outlines the expectation that EFA will:
- facilitate and encourage Australian export trade by providing insurance and financial services and products to persons involved directly or indirectly in such trade
- provide finance for overseas infrastructure development
- encourage banks and other financial institutions carrying on business in Australia to finance, or assist in financing, export contracts or eligible export transactions or overseas infrastructure development
- administer payments and related matters under export contracts in respect to overseas aid projects for which money was made available by the Commonwealth
- assist Commonwealth entities and companies by providing services in relation to financial arrangements and agreements
- provide information and advice about finance and insurance arrangements to support Australian export trade.
Board appointment and membership
The EFA Board consists of the following members: the Chairperson; the Deputy Chairperson; the Managing Director & CEO; a government member; alternative government member; and as many other members, not fewer than 2 nor more than 5, as the Minister determines in writing to be appropriate.
Reviews
Past reviews
An Independent review of Export Finance Australia’s Infrastructure Mandate was published October 2021.
Further information
For queries regarding EFA, or if you are seeking funding from EFA, please refer to the Export Finance Australia website.
Queries on policy matters regarding EFA should be directed to the Department of Foreign Affairs and Trade, which has the primary portfolio responsibility for EFA.
