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

I have a couple of questions. Firstly, on the billion dollar threshold for the United States and other countries we have FTA's with—and I think as a result of the closer economic relationship with New Zealand and also with Chile, it is a billion dollar threshold—can the minister confirm either now or in the course of this debate that the same rules that apply for investment from, say, the United States into our prime agricultural land applies if an Australian company wants to invest in the US? My understanding is that it does not and that there are further barriers in the US as opposed to the lack of barriers that apply here—because a billion dollars could buy big swathes of the Riverland; I dare say it could by a significant proportion of the Riverland, given that billion dollar threshold—and that that would also apply to other countries that that billion dollar threshold relates to.

Secondly, with the proposed reduced of the threshold to $15 million—and I believe that is a step in the right direction but it should go further—given the FIRB has in the order of 30 to 35 staff in addition to its board, I wonder whether there will be additional resources for the FIRB with respect to the anticipated additional transactions. From an annual report of the FIRB of two or three years ago, there were about 13½ thousand transactions that they had to look at or that came within their purview. So will there be additional resources for the FIRB?

Finally, I have been speaking to a number of my colleagues about having a Senate inquiry into the port of Darwin deal. I note some encouraging comments by the Treasurer in terms of the need to look at these issues. Is the government currently reviewing the rules in the legislation that appear to exempt assets that are owned by state and territory governments, particularly strategic assets such as ports and other key infrastructure?