Rachel Siewert (WA, Australian Greens) Share this | Link to this | Hansard source

I move:

That the Senate—

(a) notes that Archer Daniels Midland's proposed acquisition of GrainCorp will reduce competition in the wheat exporting market and hurt Australian growers; and

(b) calls on the Treasurer (Mr Hockey) to reject the takeover bid of GrainCorp by Archer Daniels Midland.

Mitch Fifield (Victoria, Liberal Party, Assistant Minister for Social Services) Share this | Link to this | Hansard source

I seek leave to make a short statement.

Stephen Parry (Tasmania, Liberal Party) Share this | Link to this | Hansard source

Leave is granted for one minute.

Mitch Fifield (Victoria, Liberal Party, Assistant Minister for Social Services) Share this | Link to this | Hansard source

In the view of the government it would not be appropriate for the Senate to prejudge the Treasurer's decision on the Archer Daniels Midland company's proposed acquisition of GrainCorp Ltd. Parliament has enacted a clear process for reviewing foreign investment proposals. Under the legislation the Treasurer is responsible for making decisions on foreign investment proposals that raise national interest concerns.

The Treasurer has extended the deadline for his decision to 17 December 2013, and will make a decision after all the relevant issues and advice from the Foreign Investment Review Board have been considered. The foreign investment review framework is a well-established process that has served Australia well for decades, and the process should, in the opinion of the government, be allowed to run its course.

Stephen Parry (Tasmania, Liberal Party) Share this | Link to this | Hansard source

The question is that the motion moved by Senator Siewert be agreed to.