Bob Brown (Tasmania, Australian Greens) Share this | Link to this | Hansard source

I hear the Leader of the Nationals saying he wants work to do—well, here we go. I earlier sought leave to amend this motion, which was denied. I move:

That the following matters be referred to the Economics Committee for inquiry and report by 17 June 2009:

(a)

to review the Government’s obligations under the Foreign Acquisitions and Takeovers Act 1975 and under the Foreign Acquisitions and Takeovers Regulations 1989 to determine whether proposed foreign acquisitions by foreign government entities, for example the current bid for Chinalco to invest in Rio Tinto, are consistent with Australia’s national interests;

(b)

to review the operations of the Foreign Investment Review Board with specific regard to their advisory role in direct investments by foreign governments and their agencies;

(c)

to review the ‘Principles guiding consideration of foreign government related investment in Australia’ as outlined in April 2008 by the Treasurer;

(d)

the international experience of sovereign wealth funds and state-owned companies, their role in acquisitions of significant shareholdings of corporations, and the impact and outcomes of such acquisitions on business growth and competition;

(e)

the Australian experience of foreign investment by sovereign wealth funds and state-owned companies;

(f)

examination of monitoring and regulation of foreign investment in Australia and the effectiveness of the current regulatory regime in supporting well functioning markets; and

(g)

other related matters.

Question put.