2013-2014 

 

The Parliament of the 

Commonwealth of Australia 

 

HOUSE OF REPRESENTATIVES 

 

 

 

 

Presented and read a first time 

 

 

 

 

Export Finance and Insurance 

Corporation Amendment (Direct 

Lending and Other Measures) Bill 2014 

 

No.      , 2014 

 

(Trade and Investment) 

 

 

 

A Bill for an Act to amend the Export Finance and 

Insurance Corporation Act 1991, and for related 

purposes 

   

   

 

 

No.      , 2014 

Export Finance and Insurance Corporation Amendment (Direct 

Lending and Other Measures) Bill 2014 

i 

 

Contents 

1 

Short title ........................................................................................... 1

 

2 

Commencement ................................................................................. 1

 

3 

Schedules ........................................................................................... 2

 

Schedule 1--Direct Lending

 

3

 

Export Finance and Insurance Corporation Act 1991

 

3

 

Schedule 2--Competitive neutrality

 

5

 

Export Finance and Insurance Corporation Act 1991

 

5

 

 

 

 

No.      , 2014 

Export Finance and Insurance Corporation Amendment (Direct 

Lending and Other Measures) Bill 2014 

1 

 

A Bill for an Act to amend the Export Finance and 

1 

Insurance Corporation Act 1991, and for related 

2 

purposes 

3 

The Parliament of Australia enacts: 

4 

1  Short title 

5 

 

  This Act may be cited as the Export Finance and Insurance 

6 

Corporation Amendment (Direct Lending and Other Measures) Act 

7 

2014. 

8 

2  Commencement 

9 

 

  This Act commences on the day after this Act receives the Royal 

10 

Assent. 

11 

   

   

 

 

2 

Export Finance and Insurance Corporation Amendment (Direct 

Lending and Other Measures) Bill 2014 

No.      , 2014 

 

3  Schedules 

1 

 

  Legislation that is specified in a Schedule to this Act is amended or 

2 

repealed as set out in the applicable items in the Schedule 

3 

concerned, and any other item in a Schedule to this Act has effect 

4 

according to its terms. 

5 

Direct Lending  Schedule 1 

   

 

 

No.      , 2014 

Export Finance and Insurance Corporation Amendment (Direct 

Lending and Other Measures) Bill 2014 

3 

 

Schedule 1

--Direct Lending 

1 

   

2 

Export Finance and Insurance Corporation Act 1991 

3 

1  Before subsection 3(2) 

4 

Insert: 

5 

Loans and lending of money 

6 

2  Before subsection 3(3) 

7 

Insert: 

8 

Eligible export transactions 

9 

3  Paragraphs 3(3)(a), (b), (c) and (d) 

10 

Omit "capital goods" (wherever occurring), substitute "goods". 

11 

4  Subsection 3(4) 

12 

Repeal the subsection. 

13 

5  Before subsection 3(5) 

14 

Insert: 

15 

Australian export trade 

16 

6  Application provision 

17 

The amendments made by items 3 and 4 of this Schedule apply in 

18 

relation to a transaction entered into, or proposed to be entered into, on 

19 

or after the commencement of this Schedule. 

20 

7  Transitional provision 

21 

The amendments made by this Schedule do not affect the continuity of 

22 

any of the following that were in force immediately before the 

23 

commencement of this Schedule: 

24 

 

(a)  directions given under subsection 9(2), 26(1), or section 29, 

25 

of the Export Finance and Insurance Corporation Act 1991; 

26 

Schedule 1  Direct Lending 

   

 

 

4 

Export Finance and Insurance Corporation Amendment (Direct 

Lending and Other Measures) Bill 2014 

No.      , 2014 

 

 

(b)  approvals (with or without conditions) given under section 27 

1 

of that Act; 

2 

 

(c)  principles determined under subsection 67(1) of that Act. 

3 

Competitive neutrality  Schedule 2 

   

 

 

No.      , 2014 

Export Finance and Insurance Corporation Amendment (Direct 

Lending and Other Measures) Bill 2014 

5 

 

Schedule 2

--Competitive neutrality 

1 

   

2 

Export Finance and Insurance Corporation Act 1991 

3 

1  Subsections 61A(1) and 62A(1) 

4 

Omit "in respect of short-term insurance contracts entered into by 

5 

EFIC". 

6 

2  Subsection 63A(2) 

7 

Omit "over other insurers because of the operation of section 63 in 

8 

relation to its short-term insurance contracts", substitute ", because of 

9 

the operation of section 63, over other persons or bodies who provide 

10 

insurance or financial services or products that EFIC may provide". 

11 

3  Subsection 63A(3) 

12 

Omit "in relation to its short-term insurance contracts". 

13 

4  Application provision 

14 

The amendments made by items 2 and 3 of this Schedule apply in 

15 

respect of the tax-equivalent payment to be made in respect of each 

16 

financial year starting on or after the commencement of this Schedule. 

17 

5  Transitional provision 

18 

The amendments made by this Schedule do not affect the continuity of 

19 

any of the following that were in force immediately before the 

20 

commencement of this Schedule: 

21 

 

(a)  arrangements under section 61A or 62A of the Export 

22 

Finance and Insurance Corporation Act 1991; 

23 

 

(b)  determinations under subsection 63A(2) of that Act. 

24