Janet Rice (Victoria, Australian Greens) Share this | Hansard source

As I was saying, on the issue of water holdings and private water holdings, I want to clarify that although the Greens remain cautious about the role of foreign investment in Australia's waters we are equally as cautious about large domestic investors. And the Greens are committed to working towards greater transparency in the agricultural land and water holdings of all investors, not just foreign ones. This chamber knows from experience that market concentration and abusing differences in knowledge held by different parties are by no means tactics that are unique to foreign investors. These same abuses are part and parcel of the business model of many domestic Australian investors. So, the Greens will continue to investigate options for greater detail in public registers of these assets, although we do appreciate the existing limits on the tax office in both protecting privacy and balancing information collection with the costs of reporting requirements.

In conclusion, I want to comment on the amendments that have been circulated in the chamber. The Greens will be supporting the amendment by Senator Leyonhjelm. We did not support Senator Leyonhjelm's original amendment to insert a sunset clause into the Register of Foreign Ownership of Agricultural Land Amendment (Water) Bill 2016. And although we disagree with the necessity of a Productivity Commission review of the legislation within the next five years, we believe that Senator Leyonhjelm has put forward this compromise amendment in good faith and we will support it to ensure as broad a consensus as possible on this bill. I commend this bill to the Senate.