Division
Penny Wong I have two questions to ask the minister. The first is: in response, I think, to Senator Lazarus he was making reference to the fact that the $15 million is cumulative—that is, if a particular investor continues to purchase land the value of all of their holdings is assessed to assess whether or not the $15 million threshold has been met. Can he tell the chamber if there is any other threshold in the foreign investment regime which is cumulative? Mathias Cormann No. Penny Wong Can the minister explain why the government is intent on having a cumulative approach to agricultural land but not a cumulative approach to agribusiness, telecommunications, defence and military related industries, uranium and plutonium extraction or the operation of nuclear facilities? Mathias Cormann Because in the government's judgment it is an appropriate arrangement in the context of foreign investment into agricultural land. Obviously that is our judgment. You are entitled to disagree with it but that is the position we have come to. Penny Wong Can the minister explain the reasons behind the judgment? What is the public policy rationale for saying you have to have cumulative in relation to one specific sector of the economy but not in relation to any of the sector? Mathias Cormann This in essence is the debate we have been having all night. The threshold used to be $252 million. We thought that was too high. That was at a time when Senator Wong thought the threshold for agricultural land should be the same as for all the relevant assets—that is $1 billion. Of course, you would struggle to find any foreign acquisition that would reach a $1 billion threshold. Labor has moved down from that $1 billion proposition to $50 million. Some people in this chamber, Senator Lazarus in particular, supported by Senator Lambie and Senator Madigan, suggested a zero dollar threshold, which we do not agree with. Senator Xenophon suggested a $5 million threshold. We suggested a $15 million thres
Senate, 2015-11-23. negative: ayes 21, noes 42.
Question
Penny Wong I have two questions to ask the minister. The first is: in response, I think, to Senator Lazarus he was making reference to the fact that the $15 million is cumulative—that is, if a particular investor continues to purchase land the value of all of their holdings is assessed to assess whether or not the $15 million threshold has been met. Can he tell the chamber if there is any other threshold in the foreign investment regime which is cumulative? Mathias Cormann No. Penny Wong Can the minister explain why the government is intent on having a cumulative approach to agricultural land but not a cumulative approach to agribusiness, telecommunications, defence and military related industries, uranium and plutonium extraction or the operation of nuclear facilities? Mathias Cormann Because in the government's judgment it is an appropriate arrangement in the context of foreign investment into agricultural land. Obviously that is our judgment. You are entitled to disagree with it but that is the position we have come to. Penny Wong Can the minister explain the reasons behind the judgment? What is the public policy rationale for saying you have to have cumulative in relation to one specific sector of the economy but not in relation to any of the sector? Mathias Cormann This in essence is the debate we have been having all night. The threshold used to be $252 million. We thought that was too high. That was at a time when Senator Wong thought the threshold for agricultural land should be the same as for all the relevant assets—that is $1 billion. Of course, you would struggle to find any foreign acquisition that would reach a $1 billion threshold. Labor has moved down from that $1 billion proposition to $50 million. Some people in this chamber, Senator Lazarus in particular, supported by Senator Lambie and Senator Madigan, suggested a zero dollar threshold, which we do not agree with. Senator Xenophon suggested a $5 million threshold. We suggested a $15 million thres
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