Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Hansard source

I thank the member for his question. The first point I would make is that FIRB approval does not give foreign investors the right to mine or export uranium. It does not do that at all. I think the member may misunderstand this. We have a whole regime that deals with that and that is put in place by the Minister for Resources and Energy. It does not necessarily give them the right to mine at all and it does not give them the right to export.

In a sense, I fundamentally reject the point that the member is making. Nevertheless, let me deal with this very important question of foreign investment in Australia. This country has always required foreign investment to develop, and that is particularly the case in our resources sector. Because we are a capital-hungry country when it comes to resources, we operate a foreign investment regime. This government proudly apply a national interest test and we have proudly applied that particularly in circumstances where state owned enterprises are involved. Where necessary we have applied it. Both sides of politics have done this on different occasions. We all accept the need for foreign investment in this country. If it does not meet those guidelines, we do not necessarily approve it. Conditions may be put on a particular project.

I do not and cannot come in here and discuss the ins and outs of each project. On this occasion, the member says it was approved. It was approved, but that approval does not have the impact the member has suggested, for the reason I said before: it does not give foreign investors the right to mine or export uranium. The right to mine or export uranium is based on our strict uranium policy, our bilateral safeguard agreements and our environmental and safety approvals. That is where all that occurs. This government will continue to apply our national interest test on foreign investment to maximise the benefit that flows to this country in terms of jobs and in terms of wealth creation.

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