Labor’s Australian Jobs Test today passed the Parliament after the Senate unanimously supported our amendments to the Export Finance and Insurance Corporation (EFIC).
The Turnbull Government’s original legislation would have allowed EFIC to finance the overseas expansion of Australian companies without any guarantee of more jobs in Australia.
Labor introduced 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 EFIC’s financing to set up or expand overseas, they will have to certify that it will create jobs here in Australia. The business will need to certify this at the beginning and end of the financing and the final statement must be made public by EFIC.
- Put Australian jobs first by ensuring that any loan or guarantee to a large Australian business cannot be used to offshore a substantial part of the business or a third party with which they contract.
If taxpayers are going to help Australian companies expand overseas then this money should mean more jobs here in Australia.
Labor’s amendments will ensure taxpayer money is used to put Australian jobs first and we thank the Government and crossbench Senators for their support.
MEDIA CONTACT: JACK MCCLELLAN 02 9790 2466