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

Sometimes it is good to have a distraction, because one of the great unintended consequences of the managed investment schemes was the effect on water security and water interception, the distortion of the water market here in Australia and the effect on family farms, driven by tax write-offs. Whilst the intent of this bill is very different, I still think that there are issues that we need to be particularly mindful of: water security and food security. However, this relates to additionality, in terms of a positive factor.

I am not sure that the coalition is with me on this, but I will not seek to divide in relation to this amendment. I think it is important, in relation to any negative consequences on water security and food security, that that should be a negative factor in terms of whether a carbon farming initiative is improved, so that we do not go down the same path that this country went down in managed investment schemes, which have been abused and rorted. I acknowledge the very different intention of this particular piece of legislation.