Senate debates

Thursday, 20 September 2018

Questions without Notice

Foreign Investment

2:29 pm

Photo of Pauline HansonPauline Hanson (Queensland, Pauline Hanson's One Nation Party) Share this | Hansard source

My question is to the Minister representing the Treasurer, Senator Cormann. Australians are concerned about the concentration of critical Australian assets in the hands of foreign-owned multinational companies. I can hear you muttering, 'Why should we worry about foreign investment because foreigners cannot take assets, including infrastructure, out of our country.' But that is not the point, because what we are seeing is a concentration of assets in the hands of a few multinationals who go on to use their market power to raise prices for Australian consumers. In hindsight, it is clear that many decisions made by the Foreign Investment Review Board and the ACCC have resulted in reduced competition and higher prices for Australians. Divestment powers in the Competition and Consumer Act are weak. What is the government going to do to strengthen divestment powers in the Competition and Consumer Act?


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