Labor to Introduce an Australian Jobs Test for Government Export Loans

Labor will introduce amendments to a Government bill to make sure that any loans provided by the Export Finance Insurance Corporation (EFIC) to companies to expand overseas also creates more jobs in Australia.

The Turnbull Government has introduced legislation, which would allow EFIC to provide loans or loan guarantees to companies wishing to set up or expand overseas operations.

Labor will introduce amendments to the Export Finance Insurance Corporation Amendment (Support for Commonwealth Entities) Bill 2016 into the Senate that will:

  • Introduce an Australian Jobs Test. This means if a business wants to use an EFIC loan or guarantee to set up or expand overseas, they have to show it will create jobs here in Australia as well.
  • Put Australian jobs first by ensuring that any loan or guarantee provided by EFIC for an overseas investment transaction cannot be used to replace an existing activity in Australia by the company or a third party with which they contract.

We understand what the Government is attempting to do – make it simper for business to access the finance they need to expand overseas.

This is about improving the Bill to make sure it creates Australian jobs and doesn’t lose them.

We want to be constructive – that’s why we’ll propose amendments in the Senate to introduce an Australian Jobs Test.

These are common sense amendments.  If taxpayers are going to help Australian companies expand overseas, this loan should mean more jobs here in Australia not less. It’s about putting Australian jobs first.