Obscure agency handed $3.8b boost to fund Australian arms exports

A little-known government agency will move from focusing on financing Australian business exports such as wine, mining and obscure products such as “stoned crystals,” sheep placenta and kangaroo essence, to dealing with some of the world’s largest arms manufacturers as it funds the next generation of Australia’s arms exports.

In a remarkable budget boost for the Export Finance and Insurance Corporation, the 100-staff-member organisation will have its taxpayer-funded “national interest” loan facility soar by 400 per cent and be cleared to approve weapons funding with risks “too high to prudently accept” for commercial purposes.

via Obscure agency handed $3.8b boost to fund Australian arms exports