Nick Xenophon (SA, Independent) Share this | Hansard source

I believe that our current national interest test is very much a 'known unknown'—it is vague, it is imprecise and it is not in the national interest. It pains me to say it but I think we can learn from the New Zealanders, who have a much clearer national interest test—it is prescribed, it is set out, it is a much more efficient system that we have here, and I think it serves that nation much better than our test serves us. I also think it is important to note that credible potential Australian purchasers for Cubbie Station were overlooked in favour of a foreign based consortium because there is not a level playing field when it comes to comparing local investors against a foreign investment syndicate. I think it is a matter of shame that local investors missed out on Cubbie Station.

I want to finish by referring to the evidence of David Farley, the chief executive of AACo. What he wrote last year in the national media sums up the dilemma and the challenge that we have. He said:

Why isn't a pathway being engineered for local investment, ahead of international?

Why has the government lost confidence in local agribusiness developing our agricultural future?

There is no doubt that the world is facing an explosion in the demand for food, the global population forecast to peak at 9 billion within 38 years.

Australia has a critical role to play in meeting the demand created from that expected 40 per cent increase.

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I would say more respect should be paid to the expertise contained in our own agricultural industry and more effort put into making sure that Australia is equipped to play its role in the global demand for food.

That is the challenge: it is not just about foreign investment rules; it is about encouraging local investment in agriculture.