House debates

Thursday, 3 December 2020

Bills

Foreign Investment Reform (Protecting Australia's National Security) Bill 2020, Foreign Acquisitions and Takeovers Fees Imposition Amendment Bill 2020; Second Reading

12:18 pm

Photo of Tim WilsonTim Wilson (Goldstein, Liberal Party) Share this | Hansard source

It's not fair to follow the member for Kennedy in this place, because nothing will be able to replicate the tenor or the tone of his speech on my part. My focus will be on the provision of the legislation before us in my short remarks. Of course, I do rise to support the Foreign Investment Reform (Protecting Australia's National Security) Bill and subsequent legislation. I do so because—like all members I would hope in this parliament—I am deeply concerned about conserving our national security and sovereignty, and that investment of course can be used as a pathway of nefarious ends by foreign actors if it is intended to compromise our national security.

As the member for Kennedy has rightly outlined, this country is not for sale. However, we do welcome foreign investment. We always have, we always will and we will continue to do so because we're not capital xenophobes. We want to build a country that's successful so that every Australian is able to go out and realise their ambition and their dreams. We need foreign capital to invest directly in the heart of our economy and our industries to help them grow. Just like we need technology, we need investment that is going to help the success and future of our country.

I know that, for a long time, many members of the community have raised public concern about foreign investment being used as a backdoor to nefarious ends in our country. That's why the consistent approach of this government and many others has been to address these concerns through processes like the Foreign Investment Review Board to ensure that there was proper oversight. I realise that addressing that anxiety within the community isn't always achieved, because at the heart of concerns around foreign investment is the degree of influence that others will have over our country and the ownership of our country. But one of the beautiful things about the Australian Constitution is that it secures the proper recognition of property rights, and, as I wrote in my new book, The New Social Contract, that is critical to the success of the Australian continent and the modern Australian nation. But, critically, should there ever be a reason for concern, the Commonwealth can always take back property that has been purchased from any person, domestic or foreign, to make sure we secure the interests of our nation. That has not changed and that will not change, and that is protected in the Constitution if we want to exercise that power. Of course, we have to compensate people, but there is a pathway to do that. So, whether property is purchased or leased, the same provision applies: we can take it back. But, under this legislation, sometimes purchasing or leasing will not be approved in the first place. This goes to the heart and the tenor of the Prime Minister's focus—and I think he's got this absolutely bang on—on making sure not only that we secure Australia's future prosperity but also that we conserve our sovereignty. He has rightly made the observation that if you do not have your sovereignty then there is no point to your economic prosperity, and that is 100 per cent right.

This legislation, which is part of a package of reforms, includes a national security test requiring mandatory notification of investments in a sensitive national security business or land, and allowing investments not otherwise notified to be called in for review if they raise national security concerns. It has a last-resort power giving the Treasurer a final opportunity to review actions for which approvals have been given if exceptional circumstances arise, and to impose conditions or issue a disposal order where there are no other remedies for the identified national security risk. It includes stronger enforcement powers through increased penalties, direction powers and new monitoring and investigative powers in line with those of other regulators; and integrity amendments that close potential gaps in the screening regime. It includes information-sharing provisions to assist the Treasurer's and tax commissioner's compliance activities and address national security risks, and to facilitate sharing, where appropriate, with other government departments and foreign governments. It sets up a new register of foreign owned assets, amalgamating the existing registers which record all foreign interests acquired in Australian land, and water entitlements and contractual water rights, and expanding them to include business acquisitions that require foreign investment approval. It includes amendments to make foreign investment fees fairer and simpler while ensuring that foreign investors, not Australian taxpayers, bear the increase in the costs of administering the foreign investment system that are a result of the reforms. It's a comprehensive package to make sure that Australians have confidence in the system.

There will always be people who would like to see no foreign investment in Australia. That has always been the case; polling has consistently shown us that. But that is a fundamental misunderstanding of the important role of foreign investment in the growth of our country. We hope that we will continue to grow as a country and that foreign capital can be used to harness mutual benefit to build the strength of our country. A prosperous Australia is a strong Australia, and undermining a prosperous Australia will only undermine our strength and our confidence to stand up for ourselves, to defend ourselves as a country and to confront any foreign powers where we face difficult challenges. Now is not a time to go weak; now is a time to be proud and confident and prosperous and strong. That is what we should want for our country, and that is built on our economic prosperity, so that we can support the institution—the architecture—of our national sovereignty. That's what the legislation is about. It's about making sure that Australians can have the foreign investment framework so that they can have confidence that we are achieving all of those objectives.

I commend the minister, and I commend the legislation to the House.

Comments

No comments