Mitch Fifield (Victoria, Liberal Party, Manager of Government Business in the Senate) Share this | Hansard source

FIRB matters are ones for the Treasurer. Can I indicate while I'm on my feet that the government will be opposing this amendment. The amendment would be ineffective as there is no approval action undertaken by the Treasurer under the Foreign Acquisitions and Takeovers Act. To require the Treasurer to publish details of a decision taken under the act would result in him breaching the act's confidentiality provisions. As this is the purchase of a media business, it is a significant and notifiable action under the Foreign Acquisitions and Takeovers Regulation. When a foreign person undertakes a significant and notifiable action, the Treasurer has the ability to prohibit the action or to issue a no-objection notification imposing conditions on the acquisition or the Treasurer may decide the Commonwealth has no objection to the acquisition, in which case a no-objection notification is given. There is no approval under the act for a significant and notifiable action.