Reforming Australia’s export credit agency

Jubilee Australia's Resource Centre

Efic, Australia's export credit agency, is a government-owned corporation that offers loans and other financial services to boost Australian exporters when banks and private finances won't. We have been monitoring Efic's behaviour, specifically with respect to extractive industry projects, since 2008.

Efic's loans to mining, oil and gas companies have caused chaos in our region. We need look no further than Efic’s unprecedented $500 million loan to the PNG LNG project. Our research found that on almost every measure of economic welfare Papua New Guinea would have been better off without the PNG LNG project. Our research also found that the project is an abject development failure as the landowners of the resource remain in conditions of dire poverty, and project-related violence increasing. See our Double or Nothing and On Shaky Ground reports for more.

All these things are possible because the accountability and transparency of Efic is poor. Efic operates under a veil of secrecy that must be lifted. 

Jubilee Australia has long called for a reform of Efic, which includes that:

  • Efic's exemption from the Freedom of Information Act is revoked 
  • Parliamentary scrutiny occurs before any decisions on the National Interest Account are taken  
  • Efic publishes the results of its risk assessments and due diligence for all Category A projects  

You can read more about the PNG LNG project here.