Nick Xenophon (SA, Independent) Share this | Hansard source

I indicate that I strongly support this amendment. I would have thought that we should have learnt from the mistakes with the managed investment schemes: the collapse of Great Southern; the collapse of Timbercorp; the impact they have had on the land, particularly the Murray-Darling Basin, where prime agricultural land has been taken for some of these schemes; the potential for harm in terms of prime agricultural land; and, in relation to our water resources, the whole issue of interception so that our rivers do not get the inflows that they need when it rains. These are all factors that must be taken into account, and it is a perverse outcome, as Senator Milne said, because the impact will be completely counterproductive in terms of any environmental benefits. I think Senator Milne may once have said that these carbon sink forests are a bit like managed investment schemes on steroids. I endorse that.

This is something where I would have thought this government would not want to go down the same path as the previous government, which opened the floodgates to managed investment schemes during their time in government. I am disappointed that action has not been taken in relation to this. Anything that can be done to shut down these schemes—these managed investment schemes on steroids—ought to be done, and therefore I support this amendment.