Karen Andrews (McPherson, Liberal Party, Parliamentary Secretary to the Minister for Industry and Science) Share this | Hansard source

I am happy to talk to you. Returning to this legislation, it is important that, while we encourage and welcome foreign investment, we also ensure that everyone plays by the rules. I know that my constituents will welcome the stronger policing of our foreign investment rules by transferring the residential real estate functions to the ATO and implementing stronger penalties for those who breach the rules.

I note that this legislation encourages those who are in breach of the rules to come forward and self-report, and there is a reduced penalty period for those who come forward before 30 November this year. The Treasurer has already issued seven divestment orders under the reduced penalty scheme. These are the first divestment orders in 10 years.

It is vitally important, as I said earlier, to ensure that compliance measures are strict but fair and that our foreign investment rules are enforced. These bills introduce a range of stronger penalties to deter those who do the wrong thing. And we have provided the tax office with additional funding and resources to improve compliance and enforcement of the rules.

Australia is indeed open for business under the coalition. We are building a positive investment environment with our free trade agreements and we are creating a stronger foreign investment framework through this legislation. I commend this package of bills to the House.

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