30th Jul 2019, 3:39 PM – Senate Motions - Moon Lake Investments - Impose new condition

The majority voted against a motion introduced by Tasmanian Senator Peter Whish-Wilson (Greens), which means it failed.

Motion text

(1) That the Senate—

(a) notes that:

(i) on 23 February 2016, the then Treasurer, the Honourable Scott Morrison MP, announced his decision to approve the acquisition of the land and assets of the Tasmanian Land Company (TLC), including the Van Diemen's Land (VDL) Company, by Moon Lake Investments,

(ii) in announcing the approval, the then Treasurer noted the commitment by Moon Lake to create an additional 95 jobs and to invest an additional $100 million into VDL farms, including for ecological restoration; and that, given these considerations, inter alia, he was satisfied that Moon Lake's acquisition of TLC was not contrary to the national interest,

(iii) in June 2019, the media reported extracts of a letter written by senior managers at VDL to Moon Lake seeking indemnity from any animal welfare or workplace health and safety loss or damage, and citing inadequate repairs and maintenance as the reason for this request, and

(iv) Moon Lake has reportedly invested less than $20 million of the promised additional $100 million into VDL farms; and

(b) calls upon the Treasurer to impose a new condition on Moon Lake, under section 74 of the Foreign Acquisitions and Takeovers Act 1975, compelling the company to:

(i) make public the details on how it intends to invest the outstanding amount of the promised $100 million into VDL farms by 31 August 2019, and

(ii) invest the outstanding amount of the promised $100 million into VDL farms by 31 July 2021.

(2) That a message be sent to the House of Representatives seeking its concurrence in this resolution.