House debates Questions without Notice
Foreign Investment
Tanya Plibersek Sydney, Australian Labor Party, Deputy Leader of the Opposition
2:33 pm
My question is to the Minister for Trade and Investment. Why has the government imposed a $15 million screening threshold on Chinese investments in agricultural land, while the Americans, Chileans and New Zealanders have a threshold of more than $1 billion on the same investments?
Andrew Robb Goldstein, Liberal Party, Minister for Trade and Investment
I thank the member opposite for her question. The fact is: this is a new ruling and policy by the government.
Joe Hockey North Sydney, Liberal Party, Treasurer
We took it to the election.
Andrew Robb Goldstein, Liberal Party, Minister for Trade and Investment
We took this to the last election. It was a commitment. We were voted in as the government. Our policy obligations were actually put in place—which was an unusual experience for the electorate, having had six years of Labor. But the fact of the matter is: the countries that the member opposite quoted previously had agreements which bound a lower threshold—in fact, a threshold of zero. As you might understand, being the shadow minister for foreign affairs—
Mr Albanese interjecting—
Andrew Robb Goldstein, Liberal Party, Minister for Trade and Investment
they are, therefore, not subject to any change of policy because they are bound. As a consequence, every other country in the world faces the new government policy of a $15 million threshold where they do qualify to be considered by the FIRB. Therefore, this is an exercise in meeting our election commitments but also in meeting the commitments that both sides of the parliament had made under free trade agreements with countries previously.
Mr Nikolic interjecting—
Mr Tehan interjecting—
Tony Smith Speaker
The members for Bass and Wannon will cease interjecting.