Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

I have already indicated that the only thing that we have agreed to at this point in time, as is reflected in the letter that has been referenced on a number of occasions, is a process to establish a register of foreign ownership of water entitlements within 12 months and to commence shortly a process of public consultation in order to develop an implementation approach and to also ensure that all of the relevant technical issues can be properly addressed.

The government is very confident that it will be successful in this. We will be engaging in this process in good faith. There is, of course, a sanction in the amendments foreshadowed by Senator Whish-Wilson, and that is that, if the government is unsuccessful in what it has undertaken to do, the sunset clause will essentially render this bill, which may or may not be passed by the Senate, void.