7th Dec 2020, 5:07 PM – Representatives Foreign Investment Reform (Protecting Australia's National Security) Bill 2020 and another - Consideration in Detail - Transparency

The majority voted in favour of disagreeing with amendments introduced by Clark MP Andrew Wilkie (Independent), which means they were rejected.

What were the amendments?

Mr Wilkie explained that:

The bill before the House obviously provides the Treasurer with enormous power and discretion. It allows the Treasurer to impose conditions, to vary existing conditions and, as a last resort, to force the divestment of any realised investment where national security concerns are identified. It also provides the Treasurer with greater enforcement, monitoring and investigative powers to respond to actual or likely noncompliance by investors, including call-in powers to review certain actions not otherwise captured under the Foreign Acquisitions and Takeovers Act 1975. If the public is to have confidence that these powers are being wielded responsibly, we must know when and why the Treasurer uses this power and discretion. To that end, my amendments will ensure that the decisions and reasons for the decisions made by the Treasurer under this act will be on the public record.

Amendment text

(1) Schedule 1, page 34 (after line 1), after item 80, insert:

80A After section 63

Insert:

63A Requirement to publish reasons for exemption certificates

(1) If the Treasurer gives an exemption certificate under section 57, 58 or 59, the Treasurer must, as soon as practicable after giving the certificate, ensure that the following are published on a website maintained by the Department:

(a) the exemption certificate;

(b) the reasons for deciding to give the certificate, including the reasons for any conditions specified in the certificate.

(2) If the Treasurer varies or revokes an exemption certificate under section 62, the Treasurer must, as soon as practicable after giving the variation or revocation, ensure that the following are published on a website maintained by the Department:

(a) the exemption certificate as varied, or a statement that the exemption certificate has been revoked (as the case requires); and

(b) the reasons for deciding to vary or revoke the certificate, including the reasons for any conditions specified on the varied certificate.

(3) The Treasurer may redact from an exemption certificate or reasons required to be published under subsection (1) or (2), any information that would be contrary to the national interest to publicly disclose.

(2) Schedule 1, page 48 (after line 3), at the end of Subdivision B of Division 2 of Part 3, add:

76B Requirement to publish reasons for no objection notifications

(1) If the Treasurer gives a no objection notification under this Subdivision, the Treasurer must, as soon as practicable after giving the notification, ensure the following are published on a website maintained by the Department:

(a) the no objection notification;

(b) the reasons for deciding to give the no objection notification, including the reasons for any conditions specified in the notification.

(2) If the Treasurer varies a no objection notification under subsection 74(4), the Treasurer must, as soon as practicable after giving the variation, ensure that the following are published on website maintained by the Department:

(a) the no objection notification as varied;

(b) the reasons for deciding to vary the no objection notification, including the reasons for revoking or varying an existing condition specified in the no objection notification, or for imposing a new condition.

(3) The Treasurer may redact from a no objection notification or reasons required to be published under subsection (1) or (2), any information that would be contrary to the national interest to publicly disclose.

(3) Schedule 1, item 132, page 67 (after line 9), after subsection 79M(1), insert:

Requirement to include reasons for orders

(1A) The Treasurer must ensure that an order registered under subsection (1) includes the Treasurer's reasons for making the order.

(1B) The Treasurer may redact from the reasons required to be included in the order under subsection (1A), any information that would be contrary to the national interest to publicly disclose.

(4) Schedule 1, item 132, page 71 (after line 6), after subsection 79S(1), insert:

Requirement to include reasons for directions

(1A) The Treasurer must ensure that a direction that is published under subsection (1) includes the Treasurer's reasons for making the direction.

(1B) The Treasurer may redact from the reasons required to be included in the direction under subsection (1), any information that would be contrary to the national interest to publicly disclose.

(5) Schedule 1, item 132, page 72 (after line 6), after subsection 79U(3), insert:

(3A) The Treasurer must ensure that a variation or revocation hat is published under subsection (3) includes the Treasurer's reasons for making the variation or revocation.

(3B) The Treasurer may redact from the reasons required to be included in the variation or revocation under subsection (3A), any information that would be contrary to the national interest to publicly disclose.