Matthew Canavan (Queensland, Liberal National Party) Share this | Hansard source

The coalition opposes this motion. The coalition has announced changes that we would make to the Foreign Investment Review Board processes. At the last election, the coalition announced that we would lower the screening threshold for foreign purchases of agricultural land to $15 million cumulative and that we would introduce an agricultural land register. This motion is not consistent with the government's policy approach. I note in particular that this motion has sought to legislate a stronger national interest test. That is a misguided approach. It is commonly recognised that keeping the national interest undefined gives the Treasurer the broadest possible discretion to accept or reject foreign investment proposals. For this reason, we oppose this motion.