ANNOUNCEMENT 15 Apr 2020

The Australian government approved a credit facility to support exporters affected by the Coronavirus pandemic. 

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

Minister for Trade, Tourism and Investment of Australia. "Financial support to help Australian exporters bounce back" of 15/04/2020. available at: https://www.trademinister.gov.au/minister/simon-birmingham/media-release/financial-support-help-australian-exporters-bounce-back

Export Finance Australia. COVID-19 Export Capital Facility. Available at: https://www.trademinister.gov.au/sites/default/files/2020-04/export-finance-australia-covid-19-facility-factsheet.pdf

Inception date: 15 Apr 2020 | Removal date: open ended

State loan

On 15 April 2020, the Australian government launched a special credit facility to support exporters affected by the COVID-19 outbreak. The Export Finance Australia (Australia's Exim Bank) was selected as the institution to manage the scheme to which the government allocated a total budget of AUD 500 million (USD 316.4 million). 

The conditions to access the line were:

  • Being an Australian exporting company trading for at least two years
  • Have had profitable operations in either of the two financial years prior to markets being impacted by COVID-19
  • Inability to secure finance from the private market because of COVID-19
  • Have an annual turnover of at least AUD 250,000 (USD 158,000).

The scheme allowed exporters to access loans from AUD 250,000 to AUD 50 million (USD 158,000 to USD 31.6 million).

In addition to this program, the Australian government has implemented other measures to support companies affected by the COVID-19 pandemic (please, see related state acts).

AFFECTED SECTORS

 
N/A

AFFECTED PRODUCTS

 
N/A