The Australia Institute

Apr 4, 2019

4 min read

Rushed through the Senate when no-one was looking

You don’t announce anything you’re proud of at 5pm on Friday and you certainly don’t rush legislation you’re proud of through Parliament in the shadow of the Budget on the eve of a Federal Election.

JJ Harrison (https://www.jjharrison.com.au/) [CC BY-SA 3.0]

What the Efic?

Efic is a lending agency whose core job is lending to support Australian exporters, ostensibly small and medium sized enterprises.

Taxpayers Funding Fossil Fuels

Efic has a long and sorry history of funding fossil fuel projects, both overseas and in Australia. Half of its current portfolio is in the fossil fuel and mining sectors.

Development Concerns

Overseas development funding is an important contribution to our neighbours and our standing in the region. But after years of shameful cuts Australia’s aid program is now at a record low level, and this bill is a poor substitute.

What just happened?

In short, the legislation was rushed through the House of Representatives and the Senate before the end of this Parliament.