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ECONOMICS REFERENCES COMMITTEE
01/07/2009
Foreign investment by state owned entities
ECONOMICS REFERENCES COMMITTEE
Senate committee
Wednesday, 1 July 2009
Foreign investment by state owned entities
Final

CHAIR (Senator Eggleston) —I declare open this hearing of the Senate Economics References Committee for its inquiry into foreign investment by state owned entities. On 18 March 2009, the Senate referred this matter to the committee to report by 17 June 2009. The Senate has since extended to the reporting date for the enquiry until 17 September 2009. The reference seeks to explore, firstly, the international experience of sovereign wealth funds and state owned companies, their role in acquisitions of significant shareholdings of corporations, and the impact and outcomes of such acquisitions on business growth and competition and, secondly, the Australian experience of foreign investment by sovereign wealth funds and state owned companies in the context of Australia’s foreign investment arrangements.

These are public proceedings although the committee may agree to a request to hear evidence in camera if so desired or may determine that certain evidence should be heard in camera. I remind witnesses that in giving evidence to the committee they are protected by parliamentary privilege. It is unlawful for anyone to threaten or disadvantage a witness on account of evidence given to a committee and such action may be treated by the Senate as a contempt. It is also a contempt to give false or misleading evidence to the committee. I now welcome the farmers from Liverpool Plains and invite you to make an opening statement.

[11.09 am]