Peter Whish-Wilson (Tasmania, Australian Greens) Share this | Hansard source

I just want to say a few words on this report from a Greens perspective. Unfortunately I missed out on the trip to the north-west of Western Australia. Having been brought up there I would have loved to have gone back for the week.

The Greens have long held very similar views in terms of the scrutiny that is required for direct foreign investment, particularly in agricultural land. Just over two years ago we introduced the concept of a register of agricultural land, in terms of policy. We would have liked to see a model very similar to the New Zealand model in terms of an acreage basis for acquisitions but we ultimately settled on $5 million. It was good to hear Senator Nash agreeing that the limit should be lower than $15 million. We felt $5 million was a good place to start in terms of setting up that register. I also concur with Senator Nash that the creeping acquisition of land is a problem, which is often not picked up except by ex post assessments of these types of arrangements.

The issue of Foreign Investment Review Board trigger thresholds was also important for us in the context of free trade agreements, which we know are being negotiated at the moment. We have two very significant free trade agreements being negotiated: RCEP and the TPPA. We have seen previously that in free trade agreements, such as the free trade agreement with the US, the Foreign Investment Review Board trigger thresholds were significantly increased to facilitate, shall we say, or grease the wheels of those free trade agreements. United States companies had the limits, where they were not subject to FIRB approval, significantly raised. We do not want to see—we have certainly expressed concerns which have been incorporated in this report—the FIRB levels being sacrificed at the alter of free trade agreements and traded off for other benefits, because they are there for a reason, and they are very important.

Lastly—because I understand other people want to speak—I want to thank Stephen, Chris and the team for a fantastic effort. A lot of work went into this. Although he is not in the chamber any more I obviously want to thank Senator Heffernan for all his hard work.