Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Treasurer. Why is the Treasurer unwilling to disclose to the House whether he discussed the Foreign Investment Review Board application relating to S Kidman & Co with the Minister for Agriculture? Does the Treasurer stand by his previous claim that his decision to reject the application was based on formal FIRB advice?

Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Link to this | Hansard source

The FIRB advice is exactly in accordance with the decision that I took, and it was written advice too. So that was the decision taken. As a former Treasurer, the member for McMahon would know that ministers are able to canvass widely and talk to as many people—

Opposition Members:

Opposition members interjecting—

Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I did not talk to you because I did not think you would have much to offer. But I canvassed widely with colleagues about these issues—my ministerial colleagues, cabinet colleagues and others. It is part of the normal process, and that is important because I talk to my colleagues about many issues. I have also been talking to my colleagues about the foreign investment changes that we had passed in the Senate last night. Those changes, for example, saw a reduction in the thresholds for rural land and agribusinesses, to ensure that there will be greater FIRB scrutiny when it comes to agricultural land and agribusiness purchases. You know who opposed that? Those opposite. Those opposite think that it is quite okay to have the thresholds at such high levels. They did not change them when they were in government. On this side of the House, we think that it is quite necessary to have a close look at foreign investment in rural land, agricultural land and in agribusinesses. We have made changes to achieve that, but those opposite think that it should be carte blanche. They think it should go to the highest bidder, whoever they are, and they can just roll in and do whatever they like. That is what they think about residential real estate too.

But this government knows that you need to ensure that you have good, strong laws that protect the national interest and that you act on them and implement them in the national interest. That is what we did on Kidman. That is what we did on the laws that went through the Senate last night. That is what we will do in relation to all of these investments. We will look after the national interest. I do not know what they are looking out for or who they are looking out for.