Glenn Sterle (WA, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Minister for Regional Development, Senator Nash. I refer to the minister's comment last week that 'there are some real synergies between regional development and agriculture'. In light of this, do you, Minister, stand by your statement on foreign investment:

We have already lost a number of Australian agribusinesses to foreign ownership. It’s time FIRB acted in the nation’s interest and put a stop to it.

Fiona Nash (NSW, National Party, Minister for Rural Health) Share this | Link to this | Hansard source

I thank the senator for his question. The first thing I would say is that it is this side of the chamber that is actually addressing the issue of what are the appropriate measures for foreign investment in this nation. I do not resile from the fact that I have been very involved in the debate around this for a considerable period of time. As I move around regional communities it is an issue that is raised with me. I do believe that we have got the balance right. It was this government that actually lowered the threshold for the Foreign Investment Review Board to $15 million cumulative. It is this government that is actually getting the balance right. We know on this side of the chamber that it is important to look at these things with balance to ensure that the decisions we make benefit the economy, benefit the people of Australia and, from my perspective particularly, benefit people in rural and regional Australia.

Glenn Sterle (WA, Australian Labor Party) Share this | Link to this | Hansard source

Mr President, I ask a supplementary question. Does the minister agree with her National Party colleague Senator Williams, who said on foreign investment:

… if we sell off the farm, the profits go back to Beijing …

And:

China … it's not our ally; it's a Communist state.

Fiona Nash (NSW, National Party, Minister for Rural Health) Share this | Link to this | Hansard source

There are many things my good colleague Senator Williams says that I agree with. I support him very strongly in the work he does across rural and regional communities. Indeed, I do not know a better advocate, apart from other Nationals, for rural and regional Australia—

Claire Moore (Queensland, Australian Labor Party, Shadow Minister for Women) Share this | Link to this | Hansard source

Mr President, I have a point of order on direct relevance. We do not care whether the minister actually likes many things Senator Williams says. It is particularly the comment:

… if we sell off the farm, the profits go back to Beijing …

And:

China … it's not our ally; it's a Communist state.

Does the minister agree with that comment from Senator Williams?

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

Thank you, Senator Moore. I think the minister, by implication, said she agrees with all his comments, but I will allow the minister to answer that for herself.

Fiona Nash (NSW, National Party, Minister for Rural Health) Share this | Link to this | Hansard source

Thank you, Mr President. Not necessarily. I do not think that by implication I agree with everything that Senator Williams says. But this is a very serious issue, and we do need to make sure we have a balanced approach and we have an approach that takes into account all of the things that need to be considered, unlike those opposite. What do they want to do when it comes to foreign investment? They want to have a limit of $1,000 million for any purchase coming into this nation to go to the Foreign Investment Review Board. That is how much attention to detail they have paid to this particular area. (Time expired)

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

Senator Sterle, a final supplementary question?

Glenn Sterle (WA, Australian Labor Party) Share this | Link to this | Hansard source

Thank you, Mr President. You did say that, Wacka. Anyway I refer to the statement of the Minister for Agriculture and Water Resources, Mr Joyce, that:

… we still have record amounts of foreign investment, especially trying to make its way into the rural portfolio

Does the minister support record levels of foreign investment trying to make its way into the rural portfolio, including for regional development?

Fiona Nash (NSW, National Party, Minister for Rural Health) Share this | Link to this | Hansard source

Those of us on this side of the chamber understand how important foreign investment is for rural and regional communities. We absolutely understand that. It is investment. It is about foreign investment that comes in and brings money into our communities to build and to invest, and that is very much appreciated. But we do have a set of rules that governs foreign ownership, and I think sometimes people get a little confused about foreign investment and foreign ownership. We have a very good set of rules now when it comes to foreign ownership, because this government recognises (a) what the people out in our rural and regional areas, in particular, want to see when it comes to foreign investment and (b) what the right balance is in terms of that foreign ownership to our economy and ensuring that we have those opportunities at the same time—balancing what is an appropriate level of foreign ownership. This side of the chamber has got it right. The other side wants a $1,000 million limit—open slather. (Time expired)