Peter Whish-Wilson (Tasmania, Australian Greens) Share this | Hansard source

I might take up that point, Minister. We know that an Australian incorporated business could easily be a foreign business that is incorporated in Australia or has a subsidiary in Australia. I think Senator Hanson's point is that Australians don't want to see their taxpayer funds being used to prop up foreign businesses that might be competing or, for example, potentially buying out Australian businesses. We know that's how a small—

An honourable senator: In the Virgin Islands or something like that.

Yes, they potentially have tax havens in the Virgin Islands—as an aside. But how does a small business become a medium-sized business? How does a medium business become a big business?

Through growth reconsolidation, through mergers and through acquisition. That is why they need capital. Whether they are a patient investor or an impatient investor, it's the same thing: they are chasing capital. That means that there is a very real risk, as Senator Hanson has identified here today, that they may potentially buy out Australian businesses and we may see more Australian businesses become foreign owned—ironically, by using Australian taxpayer funds in the first place. I think it is a very valid concern.

Minister, it's not your fault that we've signed a raft of Australian trade deals. Could you provide advice to us today, please, on whether Senator Hanson's amendment—this is for all senators, because we have to decide if we can vote on it—is workable under the free trade deals that we have signed?