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Wednesday, 30 November 1983
Page: 3033

Senator ARCHER(4.42) —I move:

That the Senate take note of the paper.

I see the operations of the Export Finance and Insurance Corporation as being a necessity for assisting Australian business. As is normal, the report sets out the objectives and powers of the organisation. The objective is to encourage Australia's export trade in goods and services by providing a specialised range of insurance, guarantee and financing facilities, not normally obtainable from the commercial market. That is very important and I am glad that once again the objects and powers have been carried out. As with the previous organisation to which I referred, the Export Development Grants Board, one has only to look at the experience, calibre and strength of the Corporation to see that these attributes are to be admired and commended.

The fact that since 1976 the Corporation has provided protection to the extent of $526m speaks for itself. I hope that the powers, the functions, the involvement and the increases provide more encouragement, inducement and protection not only to those currently engaged in exporting industries but also to many new businesses. I urge that all people who wish to participate in overseas projects or sales be fully coversant with all the services that EFIC can provide. As business, particularly with the developing nations, becomes more involved, it will become more necessary for Australia to provide the sorts of fringe benefits to exporters that enable them to compete with many of the likely competitors whose governments place a very high and supportive emphasis on export. I seek leave to continue my remarks later.

Leave granted; debate adjourned.