Pauline Hanson (Queensland, Pauline Hanson's One Nation Party) Share this | Hansard source

My question is to the Minister representing the Treasurer, Senator Cormann. Minister, the Treasurer approves 99.9 per cent of all acquisition proposals that are first considered by the Foreign Investment Review Board. On those rare occasions when the Treasurer says no to foreign investment, he must find the proposed investment would be contrary to the national interest. The current legal framework, which can stop foreign ownership of critical or essential Australian assets, does not include the ownership of surface water or groundwater. As a result, unlimited amounts of water can be foreign owned in Australia. At the end of 2018, the ATO reports that 10 per cent of all water entitlements in Australia were in foreign hands. Minister, is there any percentage of foreign ownership of water that would cause the government to consider it contrary to the national interest?