Jim Chalmers (Rankin, Australian Labor Party, Shadow Parliamentary Secretary to the Leader of the Opposition) Share this | Hansard source

As the member opposite interjects, in a disappointed way, all of these so-called friends of those opposite have lined up to take a swing at the antibusiness approach of those opposite when it comes to foreign investment in this country.

Under a banner of 'open for business', those opposite have actually introduced and progressed a 'closed for investment' policy in relation to FIRB. These are changes that will make Australia less attractive as an investment destination. It will make it harder for farmers and food manufacturers to raise capital and it will put downward pressure on the values of farm assets.

This was the type of economic incoherence we came to expect under the member for Warringah, but it is disappointing to see it continue under the member for Wentworth. Unfortunately, it is another example of how the Prime Minister says one thing and does another—in this case when it comes to investment in our country. Given all the other minor changes that the current bill brings—the name changes, the travel allowances from $300 to $350 and all of these sorts of minor worthy things—when we are debating issues of this magnitude, it really does shine a light on the absence of a substantial economic policy from those opposite. Whether we are a few weeks or a few months from election, the government's legislative priority is a bill which changes the name of a government agency.

We support the very modest changes to the scheme which are contained in this bill. We support the bill itself. But we call on the government to provide us with substantive trade and investment legislative amendments that will provide deep and lasting economic benefits for Australians as part of a genuine, broader, well-considered economic plan.

See this speech in context