{"id":"F2022L00168","name":"Export Finance and Insurance Corporation Section 67(1) Determination 2022","slug":"export-finance-and-insurance-corporation-section-67-1-determination-2022","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":102279,"registerId":"commonwealth-F2022L00168-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Export Finance and Insurance Corporation","sectionType":"part","heading":"Export Finance and Insurance Corporation Act 1991","content":"# Export Finance and Insurance Corporation Act 1991\n\nI, THE HON DAN TEHAN, Minister for Trade, Tourism and Investment for the Commonwealth of Australia, in the exercise of my powers under section 67(1) of the Export Finance and Insurance Corporation Act 1991 (Act) hereby:\n\nREVOKE all Ministerial determinations made under section 67 of the Export Finance and Insurance Corporation Act 1991;\n\nAnd\n\nDETERMINE that, where Export Finance Australia has advised me, prior to me giving approval to enter into a transaction under Part 5 of the Act, that entering into the transaction may result in Export Finance Australia suffering shortfalls or losses (losses) that are not amounts that the Commonwealth is required to pay Export Finance Australia under sections 65 or 66 of the Act, the Commonwealth will provide additional funding to Export Finance Australia, by way of subsidy, of an amount equal to the overall amount of such losses in a financial year. This determination does not apply to the extent that Export Finance Australia has given notice under section 64 of the Act that it will bear the whole, or a proportion, of the liability or risk arising from a transaction.\n\nDATED this 18th day of February 2022\n\nTHE HON DAN TEHAN\n\nMinister for Trade, Tourism and Investment","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This determination operates within the established framework of section 67(1) of the Act, which has always empowered the Minister to make determinations about Commonwealth financial support for EFA. The content replaces previous determinations with a new, specific subsidy mechanism for uncovered losses, but does not expand beyond the original statutory purpose of managing the financial relationship between the Commonwealth and EFA."},"complexity_factors":["Single operative provision with two main actions (revocation and determination)","Only 3 cross-references to other sections of the Act (sections 64, 65, 66, and Part 5)","One clear conditional trigger (advice from EFA about potential losses)","One explicit exclusion (section 64 notices)","No defined terms section—relies on existing Act definitions","Straightforward administrative mechanism (subsidy equal to losses)","Short document (approximately 200 words of operative text)"],"plain_english_summary":"This decision cancels prior s.67 determinations and creates a new rule: if Export Finance Australia alerts the Minister that a deal may incur losses not covered by the standard guarantee payments, the Commonwealth will pay EFA a subsidy equal to those annual losses—unless EFA has already formally declared it will retain the risk. \n\nIt matters for EFA’s appetite for risk, Australian exporters’ access to support, and taxpayers who ultimately underwrite certain uncovered losses."},"flash_summary":{"complexity_score":5,"scope_assessment":{"changed":true,"description":"This instrument revokes all previous Ministerial determinations and replaces them with a rule that the Commonwealth will subsidise EFA for losses that EFA advises may arise prior to Ministerial approval, except where amounts are payable under ss 65–66 or EFA has notified under s 64 that it will bear liability. Mechanically, it establishes Commonwealth subsidy liability for such notified losses subject to those exclusions."},"complexity_factors":["Direct interaction with ss 65–66 (amounts the Commonwealth is already required to pay) and s 64 (EFA notice that it will bear liability) increases interpretive complexity","Requires EFA to advise prior to Ministerial approval — timing, content and evidentiary standard of that advice are not specified","Aggregates and subsidises the \"overall amount of such losses\" in a financial year — measuring and allocating losses across transactions and years adds accounting complexity","Revokes all prior determinations, creating transitional and comparative-interpretation issues with earlier instruments","Creates open-ended fiscal exposure for the Commonwealth subject to administrative processes and Ministerial approval","Operational implementation requires coordination between EFA, the responsible Minister and finance agencies to determine entitlement and payment mechanics"],"plain_english_summary":"This determination revokes earlier Ministerial determinations and directs that, when Export Finance Australia (EFA) warns before Ministerial approval that a proposed Part 5 transaction may produce losses not already payable under sections 65 or 66, the Commonwealth will subsidise EFA for an amount equal to those losses in a financial year. It excludes cases where EFA has notified under section 64 that it will bear some or all of the liability. Who pays: the Commonwealth; who decides: the Minister, after EFA advice."}},"importantCases":[],"_links":{"self":"/api/acts/export-finance-and-insurance-corporation-section-67-1-determination-2022","history":"/api/acts/export-finance-and-insurance-corporation-section-67-1-determination-2022/history","analysis":"/api/acts/export-finance-and-insurance-corporation-section-67-1-determination-2022/analysis","conflicts":"/api/acts/export-finance-and-insurance-corporation-section-67-1-determination-2022/conflicts","importantCases":"/api/acts/export-finance-and-insurance-corporation-section-67-1-determination-2022/important-cases","documents":"/api/acts/export-finance-and-insurance-corporation-section-67-1-determination-2022/documents"}}