The Albanese Government welcomes Export Finance Australia's credit approved loan facility of up to US$150 million to shipbuilder Austal to help it expand its shipyard in Alabama in the United States.
Austal is an Australian success story, and support from Export Finance Australia will help it to deliver on recently awarded major contracts for the US Navy and US Coast Guard.
The expansion of Austal's shipyard further deepens defence industrial cooperation with our key ally, the United States, and complements Australia's investments into the sovereign industrial bases of AUKUS partners.
The finance will help fund the development and construction of a new assembly facility, waterfront improvements and a new ship lift system.
The expansion marks a major milestone for Austal, and it shows the strength of the Australian defence industry, its capabilities and support for our international partners.
Export Finance Australia's loan facility is subject to completion of finance documentation and satisfaction of conditions precedent.
Quotes attributable to Minister for Trade and Tourism, Senator the Hon Don Farrell:
"The Albanese Government is backing Australian defence companies to grow and export their world-class capabilities by securing lucrative international contracts.
"This financial support from Export Finance Australia is another example of how the Albanese Government is providing support to Aussie businesses to expand and grow overseas.
"Austal's expansion shows the strength of Australian businesses to export, invest and support shared Australian-US priorities such as defence."
Quotes attributable to Minister for Defence Industry, the Hon Pat Conroy MP:
"Austal's investment into its United States shipyard demonstrates its commitment to support the United States' domestic shipbuilding ambition and will deliver greater security and economic resilience for both Australia and the United States.
"I visited Austal's shipyard in Mobile, Alabama last year and witnessed firsthand its contribution to the submarine industrial base in the United States, including manufacturing components for Virginia class submarines.
"In times of geopolitical uncertainty, closer defence industrial collaboration with our AUKUS partners will deliver major security and economic benefits."
