Jacqui Lambie (Tasmania, Independent) Share this | Hansard source

Investor-state dispute settlement clauses give multinational corporations the opportunity to dress up as cowboys and take the law into their own hands. I do not need to lecture this chamber as to the importance of democracy in the vital checks and balances that parliament provides. These clauses give these cowboys a recipe book on how to sue the government if it creates legislation in the public interest that might cause a drop in their profit margins. This gives them a way to get around the checks and balances that form the foundations of our democracy and it undermines our sovereignty.

We do not have to imagine the impact that these ISDS clauses may have, as Germany has been recently sued for 1.4 billion euros due to an ISDS claim and one multinational is seeking $300 million in damages in Canada. What would a suit like that do to Australia's budget deficit?

Question agreed to.