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Thursday, 9 August 2007
Page: 174


Mr Kerr asked the Minister for Transport and Regional Services, in writing, on 10 May 2007:

Why was no action taken by the Government in respect of breaches of the foreign ownership laws applying to Qantas.


Mr Vaile (Minister for Transport and Regional Services) —The answer to the honourable member’s question is as follows:

The Qantas Sale Act 1992 requires Qantas, in its Articles of Association, to include and enforce measures to ‘impose restrictions on the issue and ownership of shares’ to foreign persons or airlines. Qantas has provisions in its Constitution to give effect to these requirements.

Qantas has advised the Government and the market that it actively monitors its level of foreign ownership and considers that the level of foreign ownership in the company complies with the regulatory requirement of 49 per cent foreign shareholding.

The Government is continuing to work with Qantas to ensure its systems for monitoring foreign ownership meet the requirements of the Qantas Sale Act.