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Australian Government Coat of Arms

Budget | 2014-15

Budget 2014-15
Australian Government Coat of Arms, Budget 2014-15

Part 3: Capital Measures (continued)

Foreign Affairs and Trade

Export Finance and Insurance Corporation — capital injection

Capital ($m)
  2013-14 2014-15 2015-16 2016-17 2017-18
Department of Foreign Affairs and Trade

The Government will provide $200.0 million of additional capital in 2014‑15 to the Export Finance and Insurance Corporation (EFIC). This equity injection reverses the decision of the previous Government to take a one‑off special dividend from EFIC in 2012‑13 and will allow EFIC to better support Australian exporters and trade.

Relocation of the Tehran Embassy — cessation

Capital ($m)
  2013-14 2014-15 2015-16 2016-17 2017-18
Department of Foreign Affairs and Trade ‑79.4

The Government will achieve savings of $79.4 million by not proceeding with the relocation of the Australian Embassy in Tehran, following a long period of delays and cost escalations.

The savings from this measure will be redirected by the Government to repair the Budget and fund policy priorities.