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Mar 29, 2012

War at PC public hearings over future of Export Finance and Insurance Corp

The war over the future of the Export Finance and Insurance Corporation (EFIC) continues to rage at the Productivity Commission's public hearings this week.

Andrew Crook — Former <em>Crikey</em> Senior Journalist

Andrew Crook

Former Crikey Senior Journalist

The war over the future of the Export Finance and Insurance Corporation (EFIC) continues to rage at the Productivity Commission’s public hearings this week, following a draft report that criticised the government-owned body for doling out credit to big corporates at the expense of small business.

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3 thoughts on “War at PC public hearings over future of Export Finance and Insurance Corp

  1. AR

    Back in the Stone Age, I worked for the UK Export Credit Guarantee dept and could not believe that such an obvious rort was, not just allowed to continue but promoted as integral to the risible I’m Backing Britain daze of the blundering Wilson/Callaghan regimes, not forgetting The Grocer Heath brief interregnum when he coined the phrase “ the unacceptable face of capitalism possibly without the slightest sense of irony.
    It was ECG that enabled so many crappy british exports to corrupt ex-colonies to obfuscate the ludicrous churning, from the poor in rich countries to the rich in poor countries, to borrow the too true description of western aid to the soi disant Third World.

  2. AR

    Ooops, sorry, the BOLD was meant to end after “I’m backing Britain”, surely one of the saddest, most poignant manifestations of the trahison des clercs in modern history, when the underpaid, semi skilled put in unpaid O/T to boost the country’s economy whilst the Establishment laughed itself senseless as it pocketed the free output.

  3. Harry Rogers

    EFIC in Australia started with good intentions by insuring exporters payments to very high risk countries. e.g. Australian sugar and equipment to Cuba and Haiti etc.

    I think a worse NGO was Austrade, which was formed by Bill Ferris. It degenerated into a highly paid bunch of government employees occupying glass towers in the capital cities and salubrious residences elsewhere , pretending to offer knowledgeable advice on how to enter a certain overseas market. The biggest beneficiaries of Austrade being the likes of BHP and their cronies have dinner parties at embassies. Never met one small or medium sized business that spoke of anything but disdain for Austrade.

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