As the Australian Government’s export credit agency, Efic is a self-funding statutory corporation wholly owned by the Commonwealth of Australia.
We work closely with the Government on several levels. These relationships and key accountabilities are detailed below.
The Efic Board
The Board is responsible for Efic’s corporate governance, managing our affairs and overseeing our operations on our Commercial Account.
Minister for Trade, Tourism and Investment
Efic is part of the Australian Government’s Department of Foreign Affairs and Trade (DFAT) and the Minister for Trade, Tourism and Investment is responsible for Efic.
The Minister’s Statement of Expectations express and formalise the Minister’s expectations of Efic and the Board’s Statement of Intent outlines the Board’s intention to operate in a manner that meets those expectations.
The Minister has a number of powers in relation to Efic, as set out in the Export Finance and Insurance Corporate Act 1991 (Efic Act). The Minister may approve, or direct, Efic’s entry into transactions on the National Interest Account. The Minister may also issue directions under Section 9 of the Efic Act, the details of which are published in our Annual Report.
Efic is accountable to the Australian Parliament. Each year, we table our Annual Report in Parliament and are subject to Parliamentary review through questions asked by Members of Parliament and throughout the Senate Estimates process.
Information about Senate Estimates and Questions on Notice is available on the Australian Parliament House website.
We are also subject to periodic review by the Australian Government. The Productivity Commission conducted the last review – undertaking an inquiry into Australia’s Export Credit Arrangements, from September 2011 to June 2012. For more information see the Government’s response to this review.
View our Annual Report.
Australia’s international obligations
As Australia’s export credit agency, we must have regard to Australia’s international obligations. This includes working with DFAT to ensure we operate in line with Australia’s operations under relevant bilateral agreements, and as a member of the Organisation for Economic Cooperation and Development (OECD), Paris Club, World Trade Organisation (WTO) and the United Nations (UN).
For further information, visit the links below:
- obligations under international treaties
- role in international and regional organisations
- obligations under UN Security Council sanctions and Australia’s autonomous sanctions regime
We provide technical advice on the OECD Arrangement and WTO matters as they relate to export credits.
Efic and the OECD
As a member of the Export Credits Group for the OECD, we comply with the provisions of the OECD Arrangement on Officially Supported Export Credits, which sets, among other things, minimum fees that OECD export credit agencies (ECAs) can charge. We also participate in regular meetings of the Environmental Practitioners of the OECD Export Credit Group. The Environmental Practitioners meetings bring together technical experts from member ECAs to review and share best practice in environmental, social and technical review of transactions.
For more information on our OECD obligations, including matters of anti-bribery and corruption and sustainable lending, see here.
Relations with other ECAs
These engagements enable us to monitor developments in the practices of ECAs internationally and build business relationships with potential risk-sharing partners, which help us better support Australian exporters.
Working with other government partners
We work closely with DFAT and other agencies such as the Australian Trade Commission (Austrade).
Where applicable, we work with Commonwealth agencies outside the trade portfolio and state and territory government agencies, to provide services to Australian exporters, companies involved in an export related global supply chain and companies investing overseas.
For more information on our work with government and non-government alliance partners, visit our partner page.