Bill
Foreign Acquisitions and Takeovers Amendment (Strategic Assets) Bill 2016
lapsed, as at 2017-03-28. (s) KATTER, Bob, Jnr, MP portfolio.
- Sponsor
- Bob Katter
- Portfolio
- (s) KATTER, Bob, Jnr, MP
Recorded stages
- introduced — 2016-10-10
- second reading — 2016-10-10
- other — 2017-03-28
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 2016-10-10.
This bill would stop foreign individuals and companies from buying a 10% or larger share of Australian land, water, or other assets considered vital to the economy or defence.
A new body called the Foreign Ownership Assessment Board would decide which assets count as strategically important, with its membership set by a Senate majority.
A foreign entity could still acquire up to a 45% interest if both houses of Parliament approve it by a two-thirds majority vote.
- Creates a Foreign Ownership Assessment Board to classify assets as strategically important.
- Bans foreign acquisitions of a 10% or greater interest in assets deemed strategically important, unless Parliament overrides the ban.
- Allows appeals of Board decisions to a Tribunal and then to a court.
Foreign persons and entities seeking to acquire interests in Australian land, water, or other assets of strategic importance.
Sources
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