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senate vote 2014-11-24#7

Edited by mackay

on 2016-07-21 11:25:52

Title

  • Motions Foreign Investment - Limit foreign investment
  • Motions - Foreign Investment - Limit foreign investment

Description

senate vote 2014-11-24#7

Edited by mackay

on 2015-01-30 15:40:00

Title

Description

  • The majority voted against a motion introduced by Greens Senator [Christine Milne](https://theyvoteforyou.org.au/people/senate/tasmania/christine_milne), which would have put further limits on foreign investment.
  • ### Wording of the motion
  • That the Senate
  • > *(a) notes: *
  • > *(a) notes:*
  • >> *(i) the Free Trade [memorandum of understanding](http://www.dfat.gov.au/fta/chafta/mou_aust-china_fta.pdf) [63.5KB] signed between Australia and China, and*
  • >> *(ii) that [climate change](http://en.wikipedia.org/wiki/Climate_change), with its consequent global food insecurity, is driving governments to acquire land and water outside their own borders as sources of food supply; and*
  • > *(b) calls on the Government to:*
  • >> *(i) create a register of foreign ownership of agricultural land and water assets to continuously track overseas purchases,*
  • >> *(ii) lower the threshold from $248 million to $5 million for consideration of the national interest by the [Foreign Investment Review Board](http://en.wikipedia.org/wiki/Foreign_Investment_Review_Board) (FIRB) for purchases of agricultural land and water by a foreign private entity,*
  • >> *(iii) legislate a stronger national interest test to be applied by the FIRB for purchases of agricultural land and water resources, and*
  • >> *(iv) prohibit the purchase of agricultural land and water by wholly owned subsidiaries of foreign governments.*
  • >> *(iv) prohibit the purchase of agricultural land and water by wholly owned subsidiaries of foreign governments.*
senate vote 2014-11-24#7

Edited by mackay

on 2015-01-30 15:39:38

Title

  • Motions Foreign Investment
  • Motions Foreign Investment - Limit foreign investment

Description

  • <p class="speaker">Christine Milne</p>
  • <p>I move:</p>
  • <p class="italic">(i) the Free Trade memorandum of understanding signed between Australia and China, and</p>
  • The majority voted against a motion introduced by Greens Senator [Christine Milne](https://theyvoteforyou.org.au/people/senate/tasmania/christine_milne), which would have put further limits on foreign investment.
  • ### Wording of the motion
  • That the Senate
  • > *(a) notes: *
  • >> *(i) the Free Trade [memorandum of understanding](http://www.dfat.gov.au/fta/chafta/mou_aust-china_fta.pdf) [63.5KB] signed between Australia and China, and*
  • >> *(ii) that [climate change](http://en.wikipedia.org/wiki/Climate_change), with its consequent global food insecurity, is driving governments to acquire land and water outside their own borders as sources of food supply; and*
  • > *(b) calls on the Government to:*
  • >> *(i) create a register of foreign ownership of agricultural land and water assets to continuously track overseas purchases,*
  • >> *(ii) lower the threshold from $248 million to $5 million for consideration of the national interest by the [Foreign Investment Review Board](http://en.wikipedia.org/wiki/Foreign_Investment_Review_Board) (FIRB) for purchases of agricultural land and water by a foreign private entity,*
  • >> *(iii) legislate a stronger national interest test to be applied by the FIRB for purchases of agricultural land and water resources, and*
  • >> *(iv) prohibit the purchase of agricultural land and water by wholly owned subsidiaries of foreign governments.*
  • <p class="italic">(ii) that climate change, with its consequent global food insecurity, is driving governments to acquire land and water outside their own borders as sources of food supply; and</p>
  • <p class="italic">(b) calls on the Government to:</p>
  • <p class="italic">(i) create a register of foreign ownership of agricultural land and water assets to continuously track overseas purchases,</p>
  • <p class="italic">(ii) lower the threshold from $248 million to $5 million for consideration of the national interest by the Foreign Investment Review Board (FIRB) for purchases of agricultural land and water by a foreign private entity,</p>
  • <p class="italic">(iii) legislate a stronger national interest test to be applied by the FIRB for purchases of agricultural land and water resources, and</p>
  • <p class="italic">(iv) prohibit the purchase of agricultural land and water by wholly owned subsidiaries of foreign governments.</p>
  • <p class="speaker">Matthew Canavan</p>
  • <p>I seek leave to make a short statement.</p>
  • <p class="speaker">Stephen Parry</p>
  • <p>Leave is granted for one minute.</p>
  • <p class="speaker">Matthew Canavan</p>
  • <p>The coalition opposes this motion. The coalition has announced changes that we would make to the Foreign Investment Review Board processes. At the last election, the coalition announced that we would lower the screening threshold for foreign purchases of agricultural land to $15 million cumulative and that we would introduce an agricultural land register. This motion is not consistent with the government's policy approach. I note in particular that this motion has sought to legislate a stronger national interest test. That is a misguided approach. It is commonly recognised that keeping the national interest undefined gives the Treasurer the broadest possible discretion to accept or reject foreign investment proposals. For this reason, we oppose this motion.</p>
  • <p class="speaker">Christine Milne</p>
  • <p>I seek leave to make a short statement.</p>
  • <p class="speaker">Stephen Parry</p>
  • <p>Leave is granted for one minute.</p>
  • <p class="speaker">Christine Milne</p>
  • <p>There was much fuss being made about the promise to have a free trade agreement with Australia and China last week but the issue here is on the sale of agricultural land and water in regard to wholly-owned subsidiaries of foreign governments. This is something Australia needs to be aware of in the context of climate change and it is quite wrong to say that you do not need a defined national interest test. New Zealand has a defined national interest test and it works very well.</p>
  • <p class="speaker">Stephen Parry</p>
  • <p>The question is that the motion moved by Senator Milne be agreed to.</p>