Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
 Download Current HansardDownload Current Hansard    View Or Save XMLView/Save XML

Previous Fragment    Next Fragment
Tuesday, 11 August 2009
Page: 4614


Senator Bob Brown asked the Minister representing the Minister for Trade, upon notice, on 12 May 2009:

(1)   With reference to Indonesia’s debts to Australia: (a) what percentage of its Export Finance and Insurance Corporation (EFIC) debt was generated from the Development Import Finance Facility Scheme through the National Interest Account; (b) what percentage of its EFIC debt has been rescheduled through the Paris Club; and (c) for each group of rescheduled Paris Club loans, can details be provided of:

(i)   the company name,

(ii)   the date of the original facility,

(iii)   the name of the project,

(iv)   the name of the beneficiary,

(v)   the dollar amount still outstanding, and

(vi)   the terms of agreement (including current rate of interest charged).

(2)   What percentage of Indonesia’s total rescheduled payments relate to transactions involving Transfield Construction’s steel bridge projects.


Senator Carr (Minister for Innovation, Industry, Science and Research) —The Minister for Trade has provided the following answer to the honourable senator’s question:

(1)  

(a)   The current proportion of outstanding debt classified as Development Import Finance Facility Scheme debt on the National Interest Account is 66 per cent.

(b)   The current proportion of outstanding debt that has been rescheduled through the Paris Club is 34 per cent

(c)   Details of company name, date of the original facility, name of the project and name of the beneficiary for each group of rescheduled Paris Club loans are provided in the table below.

(i)   to (iv)—

Australian Exporter

Date of Original Facility

Project

Indonesian Contract Party

Paris Club Agreement

Vocational and Technical Training Corporation of Aust.

22 May 1987

Scientific equipment

Ministry of Education and Culture

Republic of Indonesia

1998, 2000, 2002

Transfield Pty Limited

26 April 1988

Prefabricated steel bridging material

Ministry of Public Works

Republic of Indonesia

1998, 2000, 2002

LSE Technology Pty Ltd

25 May 1989

Railway telecommunication network extensions

Ministry of Communication

Republic of Indonesia

1998, 2000, 2002

Vocational and Technical Training Corporation of Aust.

30 June 1989

Scientific equipment

Ministry of Education and Culture Republic of Indonesia

1998, 2000, 2002

AWA Limited

6 October 1989

Aviation navigational aids

Ministry of Communication

Republic of Indonesia

1998, 2000, 2002

Transfield Construction

19 February 1990

Prefabricated steel bridging material

Ministry of Public Works

Republic of Indonesia

1998, 2000, 2002

LSE Technology Pty Ltd

15 April 1991

Railway telecommunication network extensions

Ministry of Communication

Republic of Indonesia

1998, 2000, 2002

Amos Aked Swift Pty Ltd

15 April 1991

Telecommunications consultancy services

Ministry of Communication

Republic of Indonesia

1998, 2000, 2002

Television Australia Satellite Systems Limited

11 March 1992

Meteorological equipment

Ministry of Communication

Republic of Indonesia

1998, 2000, 2002

Westinghouse Brake & Signal Pty Ltd

31 May 1993

Railway signalling equipment

Ministry of Communication

Republic of Indonesia

2000, 2002

Transfield Construction Pty Ltd

31 May 1993

Prefabricated steel bridges

Ministry of Public Works

Republic of Indonesia

2000, 2002

Relpar Pty Ltd

14 February 1994

Education equipment

Ministry of Education and Culture

Republic of Indonesia

2000, 2002

Amos Aked Swift Pty Ltd

24 February 1994

Telecommunications consultancy services

Ministry of Communication

Republic of Indonesia

1998, 2000, 2002

ABB EPT Construction Pty Ltd

7 June 1994

Electricity transmission lines

Perusahaan Umum Listrik Negara

2000, 2002

GEC Alsthom Australia Limited

22 June 1994

Supply electricity substations

Perusahaan Umum Listrik Negara

2000, 2002

AWA Limited

12 April 1995

Traffic control system

Ministry of Communication

Republic of Indonesia

2002

Westinghouse Brake & Signal Company

26 June 1995

Railway signalling system

Ministry of Communication

Republic of Indonesia

2002

GEC Alsthom Australia Limited

26 June 1995

Railway signalling system

Ministry of Communication

Republic of Indonesia

2002

Vocational and Technical Training Corporation of Aust.

25 October 1995

Occupational health and safety project

Ministry of Manpower

Republic of Indonesia

2002

CMPS Asia Pacific Pty Ltd

29 March 1996

Radio transmitters

Ministry of Information

Republic of Indonesia

2002

NEC Australia Pty Ltd

4 June 1996

Rural telecommunications network

PT Telekomunikasi Indonesia

2002

Philips Public Telecommunications Systems

4 June 1996

Rural telecommunications network

PT Telekomunikasi Indonesia

2002

Solarex Pty Limited

28 February 1997

Photovoltaic solar power systems

Agency for the Assessment & Application of Technology

2002

ABB Engineering Construction Pty Limited

17 April 1997

Transmission lines

PT PLN (Persero)

2002

Labax International Pty Ltd

4 June 1997

Scientific equipment

The Environmental Impact Management Agency

2002

(v)   and (vi)— EFIC’s loans to the Indonesian Government have been rescheduled on three occasions through the Paris Club. These rescheduling agreements covered payments originally due from Indonesia between August 1998 and December 2003. In the aftermath of the December 2004 tsunami, the Paris Club provided further debt relief, including deferring payments due in 2005 on previously rescheduled debt. The current amount outstanding and terms of agreement (including the rate of interest charged) for each group of Paris Club rescheduled debts are as follows:

Paris Club rescheduling

A$ million

Interest rate*

Final maturity date

Paris Club I

September 1998

45.1

Libor plus 0.5% per annum, and effective Libor/Euribor rate.

June 2019

Paris Club II

April 2000

102.9

Euribor plus 0.5% per annum, and Libor plus 0.5% per annum.

June 2021

Paris Club III

April 2002

170.7

Euribor plus 0.5% per annum, and Libor plus 0.5% per annum.

June 2021

Paris Club 2004

Tsunami Debt Relief

5.0

The Government of Indonesia is not charged interest on these rescheduled amounts.

December 2009

* The original loans to Indonesia were denominated in US dollars and Dutch Guilders. Under the Rescheduling Deed, EFIC made disbursements to Indonesia, in the same currency as the original loans, which were used to pay off earlier unpaid loans. These disbursements were to be repaid to EFIC using the appropriate interest rate. The Libor rate applies to the US Dollar component and Euribor rate for the Dutch Guilder component. The amounts remaining owing under each facility are not recorded as the loans are grouped such that they lose their separate identity, and rescheduled payments are not recorded by reference to the original loan facility.

(2)   As a result of the Paris Club processes, the rescheduled debt of each Transfield Construction Pty Ltd loan was grouped and rescheduled with other loans. Accordingly these loans no longer retain their separate identity and rescheduled payments are not recorded by reference to the original loan facility. Transfield Construction’s steel bridge projects accounted for the following proportions of the total stock of debt rescheduled through each Paris Club debt treatment (in dollar terms): - Paris Club rescheduling 1 58% - Paris Club rescheduling 2 52% - Paris Club rescheduling 3 39% However, it is not possible to identify the percentage of rescheduled debt payments attributable to Transfield Construction’s steel bridge projects for the reasons set out above.