Pauline Hanson (Queensland, Pauline Hanson's One Nation Party) Share this | Link to this | Hansard source

My question is to the Minister representing the Treasurer, Senator Cormann. Australians are concerned about the concentration of critical Australian assets in the hands of foreign-owned multinational companies. I can hear you muttering, 'Why should we worry about foreign investment because foreigners cannot take assets, including infrastructure, out of our country.' But that is not the point, because what we are seeing is a concentration of assets in the hands of a few multinationals who go on to use their market power to raise prices for Australian consumers. In hindsight, it is clear that many decisions made by the Foreign Investment Review Board and the ACCC have resulted in reduced competition and higher prices for Australians. Divestment powers in the Competition and Consumer Act are weak. What is the government going to do to strengthen divestment powers in the Competition and Consumer Act?

Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Link to this | Hansard source

I don't agree with the proposition that the relevant powers that Senator Hanson refers to are weak. I do agree that foreign investment is very important for the future economic development of Australia, as it has been important for our past economic development.

One of the reasons why we are so committed to ensuring that we have an internationally competitive tax regime and that we are internationally competitive overall in terms of our policy settings is so that we continue to be able to attract foreign investment into Australia to help develop the Australian economy to its full potential, to create more jobs for hard-working Australians and to ensure that families here in Australia have the best possible opportunity to get ahead.

But, as I have also indicated in response to a question earlier this week, of course any relevant foreign investment proposal that has got implications for our national interest needs to be properly assessed to ensure it's not contrary to our national interest. We have specific regulatory arrangements in place as a result of legislation passed through this chamber earlier this year to deal with critical infrastructure in particular, to make sure there are proper processes in place to protect the national interest, to protect the public interest, in relation to critical infrastructure.

It is very important with these things for us to get the balance right and ensure we continue to be an attractive destination for foreign investment. This will help us to continue to develop our economy and ensure that Australia is as strong as it possibly can be, creating opportunities for Australians to get ahead, but also making sure that, as appropriate, we protect our national interest and we ensure that we don't receive foreign investments that would be contrary to the national interest.

Scott Ryan (President) Share this | Link to this | Hansard source

Senator Hanson, a supplementary question.

Pauline Hanson (Queensland, Pauline Hanson's One Nation Party) Share this | Link to this | Hansard source

Foreign-owned multinationals dominate the milk-processing industry. The ACCC blames these foreign milk processors for using their market power to underpay dairy farmers. I also blame the heartless management of Coles and Woolworths. What is the government going to do about the misuse of market power by this supermarket duopoly?

Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Link to this | Hansard source

We have actually pursued significant reforms over the last few years to strengthen the powers, in particular, of the ACCC to ensure that the market is as fair as it possibly can be, in particular, in making sure that small business are appropriately protected in their interactions with bigger businesses in the Australian market.

Scott Ryan (President) Share this | Link to this | Hansard source

Senator Hanson, a final supplementary question.

Pauline Hanson (Queensland, Pauline Hanson's One Nation Party) Share this | Link to this | Hansard source

Free trade agreements generally have a clause that allow foreign multinationals to sue the Australian government. What stops the government making sure these disputes are settled by Australian courts?

Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Link to this | Hansard source

Australia is a trading economy, and it is very much in our national interest, it is very much in the interests of all Australians, to be able to sell as many Australian products and services in markets around the world. The global market is obviously a huge market compared to just our domestic market. Of course our free trade agreements also enable consumers here in Australia to get access to high-quality products from around the world at competitive prices. There are benefits for exporting businesses in Australia—

Scott Ryan (President) Share this | Link to this | Hansard source

Senator Hanson on a point of order.

Pauline Hanson (Queensland, Pauline Hanson's One Nation Party) Share this | Link to this | Hansard source

Yes. I actually asked what stops the government making sure these disputes are settled by Australian courts. Are they being settled in our courts? If not, where are they actually being settled?

Scott Ryan (President) Share this | Link to this | Hansard source

Senator Hanson, you've restated part of the question. I believe the minister is being directly relevant to part of the question asked.

Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Link to this | Hansard source

Any such disputes are settled in accordance with the provisions in the relevant agreements. Let me tell you, it is very important for Australian businesses that we have these dispute settlement procedures and these dispute settlement arrangements in place, because, while we have a very robust legal system here in Australia, Australian investors investing in other parts of the world— (Time expired)