24th Nov 2014, 5:06 PM – Senate Motions - Foreign Investment - Limit foreign investment

The majority voted against a motion introduced by Greens Senator Christine Milne, which would have put further limits on foreign investment.

Wording of the motion

That the Senate

(a) notes:

(i) the Free Trade memorandum of understanding [63.5KB] signed between Australia and China, and

(ii) that climate change, with its consequent global food insecurity, is driving governments to acquire land and water outside their own borders as sources of food supply; and

(b) calls on the Government to:

(i) create a register of foreign ownership of agricultural land and water assets to continuously track overseas purchases,

(ii) lower the threshold from $248 million to $5 million for consideration of the national interest by the Foreign Investment Review Board (FIRB) for purchases of agricultural land and water by a foreign private entity,

(iii) legislate a stronger national interest test to be applied by the FIRB for purchases of agricultural land and water resources, and

(iv) prohibit the purchase of agricultural land and water by wholly owned subsidiaries of foreign governments.