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Wednesday, 11 August 2004
Page: 26244

Senator HARRIS (10:41 PM) —We have before us Democrat amendment (11) on sheet 4361 revised 2. The purpose of the amendment is to oppose the printing of the entire section related to foreign acquisitions and takeovers. The purpose of the government's amendment is to insert the section as it is printed into the Foreign Acquisitions and Takeovers Act 1975. If this section is to remain in the bill, and in all probability it will, what we need is some clarification from the minister. Mr Temporary Chairman, if we can find out who is going to answer the questions I will know whether to direct them to Senator Ellison or to Senator Hill.

Senator Ellison —You can direct them to the minister.

Senator HARRIS —I will proceed. On page 78 of the bill, at line 26, clause 17H talks about a `prescribed sensitive sector' and it says:

(b) the conditions specified in the regulations are satisfied in relation to the kind of business activity.

The question is: are we referring to the regulations as they currently stand under the act, or are we referring to a regulation that will be brought in specifically to facilitate the free trade agreement?