Joe Hockey (North Sydney, Liberal Party, Shadow Treasurer) Share this | Hansard source

And I wish the member for Solomon to listen carefully to this because financial arrangements and company structures have become increasingly complex in recent years, a bit like caucus, and this bill goes on to address those new developments by expanding the definition of ‘foreign control or influence’. The bill updates the Foreign Acquisitions and Takeovers Act 1975, which provides the basis for the Treasurer to examine proposed foreign investments in Australian businesses and assets to ensure they are not contrary to the national interest. The bill will incorporate a wider range of financing structures that may deliver effective control or influence of Australian companies to foreign interests. There are no changes to the national interest test or to the monitoring threshold for consideration by the government. The bill in fact strengthens those safeguards. It does not alter the role of government to finally determine the national interest or a foreign investment proposal.

The Foreign Investment Review Board is a non-statutory body that was established by the Fraser Liberal government in 1976 to advise the Treasurer on the government’s foreign investment policy and its administration. Its role is to examine proposed investments and make considered recommendations to the Treasurer. The FIRB plays a critical role in the foreign investment process because it ensures that foreign investment decisions are thoroughly examined. This is demonstrated—I am slightly put off, Mr Speaker, by what I am seeing happen with your chair.

See this speech in context