Government support for Australia's defence industries is on the increase, as two government agencies extend collaboration.
Under the Australian Government's Defence Export Strategy , Austrade and Export Finance Australia - formerly Efic - are expanding support for Australian defence businesses.
With additional co-ordination and resources from the Australian Defence Export Office, the two agencies are working more closely to help Australian defence companies grow overseas.
Australia's export credit agency
From 1 July 2019, Efic's trading name changed to Export Finance Australia (Export Finance). While their focus on helping businesses go global remains the same, their new name better describes who they are and what they do.
Export Finance provides financial expertise and solutions to drive sustainable growth that benefits Australia and their partners through their loans, guarantees, bonds and insurance options.
Export Finance's objective is to enable small-to-medium enterprises, corporates and governments to take on export-related opportunities. They also support infrastructure development in the Pacific region and beyond.
Export Finance: a track record in defence
Export Finance has a track record of helping Australian defence businesses involved in engineering, advanced manufacturing and software to win air, land and sea defence contracts overseas.
They also partner with Austrade to help businesses expand their operations overseas.
For example, when Victorian-based supplier of complex metal parts, A W Bell won a contract to supply a metal housing and chassis-assembly for the sensory system on the F-35 Joint Strike Fighter aircraft, Export Finance provided them with finance to fulfil the contract.
Austrade has helped A W Bell in other ways. The company is a previous recipient of Austrade's Export Market Development Grant (EMDG) , which helps cover the costs of eligible export promotion activities. This allowed A W Bell to more proactively promote their business internationally from which they saw significant export growth.
Austrade has also provided A W Bell market entry advice and facilitated introductions to key stakeholders to support their expansion, including potential partners and overseas customers.
Increased support from the Australian Defence Export Office
To help Australia's growing defence industry, Austrade and Export Finance are also working closely with the Australian Defence Export Office to expand its activities in the defence sector.
Austrade initiatives include the recently held San Francisco Dual-use Landing Pad cohort. New, dedicated defence and civil security Austrade staff have also been recruited in priority defence markets to deliver 1-1 tailored business support.
Export Finance also administers loans under the Government's Defence Export Facility, allowing Export Finance to help even more businesses grow internationally.
