The work of Jubilee Australia and other advocates helped lead to the November 2011 establishment of a Productivity Commission Inquiry into Australia's export credit arrangements. The Commission's final report suggested widespread changes to the EFIC Act, often directed to improving transparency and accountability. Yet the Amendment Bill now before parliament ignores key recommendations. Jubilee Australia made this submission with the aim of ensuring the tax payer funded work of the Commission and its key recommendations are adequately incorporated into legislation.
Jubilee Australia is of the strong opinion that approval of funding for this project by international financial institutions and export credit agencies, including EFIC, on the basis of what has been provided by Oyu Tolgoi LLC to date is premature.
EFIC may be considered merely a financing body overcoming market imperfections, externalities or other barriers for Australian exporters, but decisions EFIC makes can have serious impacts on the development and well-being of countries and communities hosting the projects it helps to finance.
It is the view of
Jubilee Australia that unsanctioned codes of good intention from which
business can opt-in and out, together with non-legislative
ʻencouragementʼ by government of firms to be socially responsible, is an
inadequate response in todayʼs competitive global marketplace.
The Australian government must develop a clear framework and strategy to guide its engagement with the World Bank Group (WB) the Asian Development Bank (ADB), since the institutional and bureaucratic flaws of both reduce the effectiveness of Australian aid.
New and innovative sources of funds are urgently needed to ensure communities around the world can thrive in the face of climate change. The option of a Financial Transaction Tax (FTT) was recognised by the High-level Advisory Group on Climate Change Financing (AGF) as one of the potential sources for long-term climate finance.
The“New Great Game” for mineral resources in sub-Saharan Africa needs to be examined considering the enormous security, governance and development challenges still facing the citizens and governments of that region.
Australian civil society organisations believe that tax is the most sustainable and key source of development finance. Yet developing countries lose an estimated US$160bn each year in tax revenue as a result of tax evasion by multinational companies1. This money, if invested according to current spending patterns, could save the lives of 350,000 children under the age of 5 each year.
Australia should pass legislation to require all domestic and foreign companies registered with the Australian Stock Exchange to publicly report how much they pay governments for access to their oil, gas and minerals.
It is no longer a question of whether reform of the international financial system and global economy is needed. The question is which reforms are needed, and how can a genuine process of reform be found.