Australian Industry Development Corporation
AIDC
1970 – November 1997
Government-owned development finance corporation that raised funds overseas and lent to and invested in Australian manufacturing, resource and infrastructure projects, with an aim of promoting Australian ownership.
How it came into existence
Created as a statutory corporation by the Australian Industry Development Corporation Act 1970, championed by Trade and Industry Minister John McEwen. The function was new to the Commonwealth.
Legislation: Australian Industry Development Corporation Act 1970
Changes during its life
- 1989The Hawke government began to commercialise and partly privatise the corporation, with part of its business floated publicly around 1990.
How it ended
Sold by the Commonwealth in November 1997 under the Howard government's asset sales program, with a pool of Commonwealth bonds set aside to repay its Commonwealth-guaranteed borrowings as they fell due.
Main functions
- Development finance for industry and resource projects
- Equity investment to promote Australian ownership
- Raising capital overseas for Australian enterprises
- Merchant banking and project finance
Where it sits
Last in the portfolio of Department of the Treasury.
Lineage
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Sources
Government records and websites
Some dates or links for this organisation are uncertain. Corrections are welcome.