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Export Finance and Insurance Corporation Amendment (Support for Infrastructure Financing) Bill 2019

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8676

2016-2017-2018-2019

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

 

Export Finance and Insurance Corporation Amendment (Support for Infrastructure Financing) Bill 2019

 

 

 (1)    Schedule 1, item 5, page 4 (lines 11 to 18), omit the item, substitute:

5  At the end of section 8

Add:

EFIC’s overseas infrastructure financing functions

             (4)  In performing its overseas infrastructure financing functions, EFIC must consider whether the overseas infrastructure development being supported by overseas infrastructure financing is likely to have an overall beneficial impact on overseas communities that are affected, or likely to be affected, by that development.

             (5)  For the purposes of subsection (4), an overseas community includes a country, or a part of a country (such as a city, town or village).

             (6)  For the purposes of subsection (4), in determining whether overseas infrastructure development has an overall beneficial impact on overseas communities, EFIC must have regard to any social, cultural, environmental or economic impact that the development supported by the overseas infrastructure financing will have on those communities.

             (7)  Subsection (1) and subparagraph (2)(b)(i) do not apply in relation to EFIC’s overseas infrastructure financing functions.

5A  After section 8

Insert:

8A   Policy framework

             (1)  EFIC must perform its functions, and exercise its powers, in a manner consistent with the policy framework.

             (2)  The Minister may, by legislative instrument, establish a framework (the policy framework ) setting out any matters in relation to the performance and exercise of EFIC’s functions and powers.

             (3)  Without limiting subsection (2), the policy framework may make provision for and in relation to the following matters:

                     (a)  what EFIC must do before performing or exercising its functions or powers;

                     (b)  what EFIC must do to in order to act in a manner consistent with Australia’s obligations under the Climate Change Convention s (within the meaning of the Product Emissions Standards Act 2007 ).

Consultation requirements for policy framework

             (4)  Before making the policy framework, the Minister must:

                     (a)  publish a draft of the policy framework and invite people to make submissions on the draft; and

                     (b)  consider any submissions that are received within 2 months after publishing the draft.

[beneficial impact for overseas communities; removing requirement for maximum Australian benefit; policy framework]