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

Yes. Or, for an investor with deep pockets who wants to hold up an investment value or a future profits concern in this country, why wouldn't they use ISDS clauses to tie up a government? The Archer Daniels Midland one is interesting because they did sue Mexico using an ISDS clause for a decision by the Mexican government. Had we had an ISDS clause with the US from 2004 when we negotiated a free trade deal with the US—and, Senator Heffernan, you will be interested in this, and I am sure you will understand—I would not have been surprised if the FIRB decision that we made in relation to that asset would have triggered us being sued, with us being seen as being discriminatory. I just wanted to make the point that you cannot say that this is xenophobic or is targeting Asian investors. It has actually been written around our trade and investment deals that we have done with different countries.

I want to go to the point of water holdings. Water holdings are not currently, or proposed, to be included within the definition of agricultural land. The government has talked about this issue, and I know there are people on the other side of the chamber who feel deeply about this issue. It has often been raised in the Senate. The Greens would like to see a system where foreign investors will be required to report their interests in water holdings and water licences. I actually think it goes hand in glove with what we are discussing around a register of agricultural lands. Let's do it for water licences and water holdings.