Anne McEwen (SA, Australian Labor Party) Share this | Link to this | Hansard source

At the request of Senators Conroy, Xenophon, Whish-Wilson, Lambie and Lazarus, I move:

That the following matter be referred to the Economics References Committee for inquiry and report by 4 February 2016:

An examination of the foreign investment review framework, including powers and processes of the Foreign Investment Review Board, in relation to Australian assets of strategic or national significance being subject to lease or purchase by foreign owned interests, and whether there ought to be any legislative or regulatory changes to that framework to ensure Australia's national interest is being adequately considered, with particular reference to:

(a) the decision by the Northern Territory Government to grant a 99-year-lease over the Port of Darwin to Landbridge Group;

(b) the planned lease by the New South Wales Government of TransGrid;

(c) the decision by the Treasurer to block the sale of S Kidman and Co on national interest grounds; and

(d) any other related matters.

Scott Ryan (Victoria, Liberal Party, Assistant Cabinet Secretary) Share this | Link to this | Hansard source

I seek leave to make a short statement.

Stephen Parry (President) Share this | Link to this | Hansard source

Leave is granted for one minute.

Scott Ryan (Victoria, Liberal Party, Assistant Cabinet Secretary) Share this | Link to this | Hansard source

The government opposes this motion. The government is confident that due processes set by the existing foreign investment framework has been followed with respect to recent significant transactions involving foreign investors. In respect of these transactions we are confident relevant agency consultation has occurred. The coalition is acutely aware of the sensitivities regarding foreign investment, strategic national assets and critical infrastructure. The government is assessing options to strengthen the federal government's ability to protect the national interest in these cases and will have more to say on this issue in the future. The government is already consulting with the states and territories to remove this exemption that has existed since the 1970s. Labor never looked at reforming the FIRB legislation or sought to bring these types of transactions within the FIRB review net. The government has also just passed significant legislation which increases the government's powers on foreign investment, particularly around ensuring that FIRB has the resources, capability and legislative framework to ensure that foreign investment is achieved on terms that are not contrary to our national interest.

A division having been called and the bells being rung—

I seek to cancel the division.

Stephen Parry (President) Share this | Link to this | Hansard source

As there is no objection from the Senate, the division is so cancelled.

Question agreed to.