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Tuesday, 24 June 2003
Page: 12400


Senator ALSTON (Minister for Communications, Information Technology and the Arts) (10:12 PM) —The longstanding provision contained in the Foreign Acquisitions and Takeovers Act requires the Treasurer to give consideration to whether a proposed takeover is in the national interest. He takes advice from the Foreign Investment Review Board. He then makes his decision. He is not required to provide reasons, but he obviously has to give the matter proper consideration. That is what occurs now in addition to the various statutory limits that apply. So there is a belt and braces approach. We do not say that that overarching supervision should be removed; we say that there should always be the ultimate ability for the government to determine that it is not in the national interest for an acquisition to proceed. That power then remains in respect of each of the various media platforms.