Labor To Amend Export Loan Bill To Put Australian Jobs First

Labor will introduce amendments to the Turnbull Government’s export loan bill to make sure it puts Australian jobs and businesses first.

The Government’s Export Finance Insurance Corporation Amendment (Support for Commonwealth Entities) Bill 2016 is currently being debated in the House of Representatives.

Itseeks to allow the Export Finance Insurance Corporation to provide loans or loan guarantees to companies wishing to set up or expand overseas operations.

In practical terms what this Bill will do is allow a company to spend the loan overseas rather than here in Australia.

Labor will move three amendments in the Senate:

  • Introduce an Australian Jobs Test. This means that when a company is getting a loan to be spent overseas, EFIC needs to be satisfied that it will also create jobs here in Australia.
  • Stop offshoring Australian jobs by preventing an EFIC loan to be spent overseas from being used to replace an existing activity in Australia by the company or a third party with which they contract.
  • Put Australian businesses first by ensuring loans to be spent overseas will not damage companies doing the same thing in Australia and lead to job losses.

Labor supports efforts to assist business to expand overseas and enter new markets.

Our amendments will strengthen the Government’s Bill.  They will make sure it creates Australian jobs and doesn’t lose them.

If taxpayers are going to help Australian companies expand overseas, it should mean more jobs here in Australia not less. It’s about putting Australian jobs and businesses first.