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

No, I do not agree with that assertion. ISDS provisions are about protecting Australian companies in economies that don't have the same transparency and predictability as ours. They're about protecting Australian assets from being stolen and ensuring Australian businesses are given a fair go relative to the local overseas companies. We are aware of at least four companies that have used ISDS provisions to pursue their interests in overseas markets with legal systems less robust than ours. The coalition has also ensured the ISDS provisions it has negotiated include modern safeguards that appropriately balance the rights of investors with the rights of governments to regulate in the national interest.

Senator Ian Macdonald interjecting—

I would also point out, as Senator Macdonald just reminded me, that the cost benefit and all of the public interest benefits of this agreement will be reviewed and inquired into by the Joint Standing Committee on Treaties, which will no doubt also take on board the words of Business Council of Australia President Grant King:

This is a win for Australian workers and businesses.

The Winemakers' Federation of Australia stated— (Time expired)