Defence - Export Finance Australia
Senator VAN: My question is to the Minister for Trade and Tourism, Minister Farrell. Given that the role of Export Finance Australia is to support Australian exports, can the minister inform the Senate of how many loans the EFA has provided to Australian defence manufacturers and exporters?
Senator FARRELL: I thank Senator Van for his question. I don't have those specific details with me today, Senator, but as soon as we leave the chamber I'll get those figures for you and provide them to you as quickly as I can.
This government, of course, has had a key focus on the trade issue and trying to expand our trade—both to restore the trade that we had with China and to diversify or encourage the diversification of trade with other countries. The program you're talking about, the export grants program, is very much a feature of trying to assist Australian companies in that expansion program. We'll see tonight from the budget just how much importance trade plays in ensuring that we deliver a surplus in this budget.
This is a government that supports trade. We're a trading nation. We believe we can do more than we're doing at the moment, and we'll be using programs like the one that you've mentioned to ensure that Australian companies get the best possible support that they can from Austrade, from these grants, to ensure that we continue to build on our strong performance in the trade portfolio.
The PRESIDENT: Senator Van, first supplementary?
Senator VAN: Minister, I was referring specifically to defence manufacturers and exporters. I assume you'll need to take this on notice as well, but can you tell the Senate how many of those loans were provided on the commercial account that EFA runs?
Senator FARRELL: I thank Senator Van for his first supplementary question. As you've said, I will ensure that I can provide that information to you as quickly as I can.
The opportunities for providing assistance to companies exporting defence facilities will be an important part of this government's future trade proposals. Of course, with the AUKUS development, there are opportunities for many Australian companies to seek to export their technology overseas. One of the features, I think, of the most recent changes in the United States's policies with regard to the supply— (Time expired)
The PRESIDENT: Senator Van, second supplementary?
Senator VAN: Minister, the opportunities for a foreign owned company to import into Australia seem to be greater than for Australian companies to export. Given that the government has provided $3 billion for EFA to use for loans that are in the national interest—again, I assume you'll take this on notice—can you tell the Senate how many loans and of what value have been provided by EFA on the National Interest Account?
Senator FARRELL: I thank Senator Van for his second supplementary question. Again, I don't have those figures off the top of my head, but all of the decisions that EFA make when they consider where to invest Australian finances are of course in the national interest.
There have been some very recent announcements. One that I was directly involved in was the Arafura mines, just north of the town of Alice Springs—a wonderful opportunity for us to value-add on the critical minerals that we're going to use to decarbonise our country and assist with the decarbonisation of other countries.
Senator McKenzie: I liked Malinauskas's idea better.
Senator FARRELL: No, it's the way to do it, Senator McKenzie. (Time expired)
Senator FARRELL: I have an update on the question that Senator Van asked me. Since December 2023, EFA has provided $396.1 million in finance to the defence sector since the release of the Defence Export Strategy. Additionally, $228 million has been provided under the Defence Export Facility to three customers. Finally, $168.1 million has been provided on the commercial account.
