Nick Xenophon (SA, Independent) Share this | Link to this | Hansard source

I request that Senators Madigan and Whish-Wilson be added as co-sponsors. I, and on behalf of Senators Madigan and Whish-Wilson, move:

That the Senate—

(a) notes:

(i) the proposed sale of Australasia's largest and most productive dairy farm holding, Van Diemen's Land Company, to Moon Lake Investments, is currently before the Foreign Investment Review Board,

(ii) the critical importance of Van Diemen's Land Company to Australia for food security and our international reputation as a high quality dairy product producer,

(iii) the significant environmental importance of the Van Diemen's Land property with its remnant vegetation, refuge to the last disease-free population of Tasmanian devil in the area and habitat to rare, threatened and endangered native fauna and flora species, and

(iv) the opportunity for this iconic and strategically-important agricultural and natural asset to be brought into Australian ownership for the first time; and

(b) calls on the Government to consider:

(i) the potential economic, social and environmental benefits that may flow from a viable alternative Australian-based bid for Van Diemen's Land Company when considering the Moon Lake Investments proposal, and

(ii) the following as part of a national interest test when examining the proposed sale of Van Diemen's Land Company to Moon Lake Investments:

  (A) the potential for transfer pricing, including any potential loss of revenue to the Commonwealth,

  (B) commitments to the local workforce in terms of the business plan being proposed, and

  (C) any expansion plans of the overseas bid compared to the local bid.

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

Mr Deputy President, I seek leave to make a short statement.

Gavin Marshall (Victoria, Deputy-President) Share this | Link to this | Hansard source

Leave is granted for one minute.

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

The government does not support this motion, as it considers the motion unnecessary, given the thorough and vigorous process of review that shall be undertaken on this foreign investment application. As the motion itself notes, the proposed sale is already under review by the Foreign Investment Review Board. The government will always ensure that no investment is contrary to the national interest. The Foreign Acquisitions and Takeovers Act 1975 requires the Treasurer to consider whether a proposed purchase of Australian agricultural land or an Australian agribusiness is contrary to the national interest, and Australia's foreign investment policy, which the Treasurer follows, provides guidance on how this responsibility is met, including what factors may be considered when assessing foreign investment proposals.

Gavin Marshall (Victoria, Deputy-President) Share this | Link to this | Hansard source

The question is that general business notice of motion No. 1022 be agreed to.