Our principal accountabilities
Accountability to our Minister, the Minister for Trade and Tourism
As part of the Government's Foreign Affairs and Trade portfolio, our responsible Minister is the Minister for Trade and Tourism. Our Minister has a number of powers relating to Export Finance Australia, as set out in the Export Finance and Insurance Corporation Act 1991 (EFIC Act).
Our Minister may give us written directions relating to how we perform our functions or exercise our powers if they believe these directions are in the public’s best interest. Our Minister may also approve or direct entry into transactions on the National Interest Account. However, we do not require approval or direction for transactions on the Commercial Account. Details of these ministerial directions are published in our Annual Reports.
We provide our Minister with a Statement of Intent in response to our Minister’s Statement of Expectations . These statements express and formalise the Minister’s expectations of Export Finance Australia and our Board’s intention to meet these expectations.
As a corporate Commonwealth entity under the Public Governance, Performance and Accountability Act 2013 (PGPA Act), we’re also required to notify our Minister of certain significant events, such as the acquisition or disposal of interests in companies or other ventures. Further, our Board must keep our Minister informed about our operations and provide any information required by our Minister or the Minister for Finance.
Our Minister, or the Minister’s representative, responds to questions about Export Finance Australia from members of the Federal Parliament and to parliamentary orders relating to Export Finance Australia.
Appointment of members of our Board
Our Minister appoints members of our Board who are all non-executive directors. Our Board then consults our Minister prior to their appointment of the Managing Director (who is also a full-time Export Finance Australia employee).
The Secretary of the Department of Foreign Affairs and Trade, or their alternative, represents our Minister on the Board.
Full details on how our Board operates can be found here.
Accountability to the Australian Parliament
Powers and functions
Our functions and general powers are set out in sections 7 and 11 of the EFIC Act respectively.
Annual Report
Each year, Export Finance Australia prepares an Annual Report that is tabled in Parliament.
Parliamentary review
Our Minister, or the Minister’s representative, responds to questions about Export Finance Australia from members of Federal Parliament and to parliamentary orders relating to Export Finance Australia.
Audit
Through the Australian National Audit Office (ANAO), the Auditor General is Export Finance Australia’s external auditor and is responsible for auditing our accounts. The ANAO has contracted KPMG to carry out the external audit work on its behalf.
ANAO also conducts audits that may cover Export Finance Australia. They table those reports in Federal Parliament.
At Export Finance Australia, we’ve contracted Deloitte to carry out our internal audit function.
Contingent liability and loan ceilings
Regulations of the Parliament, made under the EFIC Act, set limits on the total value of risk Export Finance Australia may assume on the Commercial Account in various product categories.