Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

I will start by making a couple of general points. The first is that the ABS data which the government commissioned in November 2010 indicates that levels of foreign investment in the agricultural sector have remained relatively stable for the last 30 years. The second point I would like to make to Senator Madigan, and I do understand his concerns—he has been consistent about them and he is representing the views of a number of his constituents—is that it is important to remember why we have foreign investment in Australia. It is because we do not have sufficient capital in this country to make the investments that are needed. Investment is good for Australian jobs and Australian workers and it is good for the economy more broadly. If we had a position where we said, 'We don't want foreign investment,' we would actually be saying that we want to generate less economic output and less economic wealth.

Senator Nash interjecting—

I am not quite sure whether the National Party is for or against foreign investment, from their interjections, but what we do know is that they will roll over again, just as they are doing on pre-selections—good luck in the seat of Hume—but I think the Leader of the Opposition got some—