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Foreign Acquisitions and Takeovers Amendment (Cubbie Station) Bill 2012

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2010-11-12

 

 

 

THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA

 

 

 

HOUSE OF REPRESENTATIVES

 

 

 

 

 

 

 

 

FOREIGN ACQUISITIONS AND TAKEOVERS AMENDMENT (CUBBIE STATION) BILL 2012

 

 

 

EXPLANATORY MEMORANDUM

and

STATEMENT OF COMPATIBILITY WITH HUMAN RIGHTS

 

 

 

 

 

 

 

Circulated by authority of

Hon Bob Katter MP



 

FOREIGN ACQUISITIONS AND TAKEOVERS AMENDMENT (CUBBIE STATION) BILL 2012

 

OUTLINE

 

This Bill amends the Foreign Acquisitions and Takeovers Act 1975, to ensure that Cubbie Station located near Dirranbandi, Australia remains Australian owned.

 

On 31 August 2012, the Federal Government, on advice from the Foreign Investment Review Board, approved the sale of Cubbie Group, owner of Cubbie Station to foreign persons.

 

This Bill directs the Treasurer to make an order prohibiting the acquisition or issue of any shares in Cubbie Station, if the acquisition or issue would means that the company would be controlled by foreign persons.

 

If Cubbie Station becomes foreign controlled, the Bill requires the Treasurer to direct the person who acquired the shares to dispose of them, to a person(s) approved by the Treasurer.

 

FINANCIAL IMPACT

 

The bill will have no financial impact.

 

STATEMENT OF COMPATIBILITY WITH HUMAN RIGHTS

 

Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.

 

Note : the Human Rights (Parliamentary Scrutiny) Act 2011, which commenced in January 2012, requires that a Member who introduces a bill must cause a “Statement of

Compatibility” with human rights to be prepared and presented to the House in respect of the bill. 

 

Human rights are identified in the bill as Australia’s obligations under:

 

·          the International Convention on the Elimination of all Forms of Racial Discrimination;

·          the International Covenant on Economic, Social and Cultural Rights;

·          the International Covenant on Civil and Political Rights;

·          the Convention on the Elimination of All Forms of Discrimination Against Women;

·          the Convention Against Torture and Other Cruel, Inhuman or Degrading Treatment or Punishment;

·          the Convention on the Rights of the Child; and

·          the Convention on the Rights of Persons with Disabilities.

 

For further guidance, and template Statements of Compatibility, see the Attorney-General’s Department’s website .

 

This bill is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011. 

 

Hon Bob Katter MP