Bill
Foreign Acquisitions and Takeovers Amendment (Strategic Assets) Bill 2015
lapsed, as at 2016-04-15. (s) KATTER, Bob, Jnr, MP portfolio.
- Sponsor
- Bob Katter
- Portfolio
- (s) KATTER, Bob, Jnr, MP
Recorded stages
- introduced — 2015-11-30
- second reading — 2015-11-30
- other — 2016-04-15
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2015-11-30.
This bill would keep certain Australian assets in the hands of the Australian people.
It would stop foreign buyers from gaining a 10% or larger stake in land, water or other assets the government deems strategically important, with a new board deciding what qualifies.
A foreign buyer could still acquire up to a 45% interest if both houses of Parliament approve it by a two-thirds majority vote.
- Creates the Foreign Ownership Assessment Board to decide which assets are strategically important.
- Bans foreign persons from acquiring a 10% or greater interest in assets of strategic economic or defensive importance.
- Allows a 45% interest in such assets if both chambers of Parliament pass a resolution with a two-thirds majority.
- Lets decisions by the board be appealed to a tribunal, and tribunal decisions to a court.
- Requires the board to be funded from normal budget supply.
Foreign persons and entities seeking to buy Australian land, water or other assets.
Sources
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