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Tuesday, 8 December 2020
Page: 7152


The ACTING DEPUTY PRESIDENT ( Senator Stoker ) (21:41): I will now deal with the amendments circulated by Pauline Hanson's One Nation. The question is that the amendments on sheets 1131, 1165 and 1174, in respect of the Foreign Investment Reform (Protecting Australia's National Security) Bill 2020, circulated by Pauline Hanson's One Nation, be agreed to.

Pauline Hanson ' s One Nation ' s circulated amendments—

Sheet 1131

(1) Schedule 1, item 132, page 75 (after line 16), after Division 5, insert:

Division 6—Benefit to Australia test

79Z Treasurer must consider the benefit to Australia

Application of this section

(1) This section applies if:

(a) the Treasurer receives a notice from a person stating that an action under Part 2 is proposed to be taken; or

(b) the Treasurer is satisfied that an action under Part 2 has been taken.

Note: Actions taken under Part 2 include significant action, notifiable action, notifiable national security action and reviewable national security action.

Benefit to Australia test

(2) The Treasurer must consider whether the action under subsection (1) meets the benefit to Australia test.

(3) The benefit to Australia test is met if the action will, or is likely to, result in one or more of the following:

(a) the creation of new jobs in Australia or the retention of existing jobs in Australia that would or might otherwise be lost;

(b) the introduction of new technology into Australia;

(c) the introduction of new business expertise into Australia;

(d) increased export operations (within the meaning of the Export Control Act 2020) for Australian exporters.

(4) The Treasurer must not give a no objection notification under section 74 or 75 unless, in addition to the requirements in the relevant section, the Treasurer is also satisfied that the action meets the benefit to Australia test.

(5) If the Treasurer is not satisfied that the action meets the benefit to Australia test, the Treasurer must:

(a) make an order under section 67 or 79D to prohibit the proposed action; or

(b) make an order under section 69 or 79E for the disposal of the interest if the action has been taken.

Sheet 1165

(1) Schedule 3, item 8, page 165 (line 18), omit the heading to section 130V, substitute "Disclosure and publication of information in the Register".

(2) Schedule 3, item 8, page 166 (after line 5), after subsection 130V(2), insert:

(2A) The Registrar must cause to be published, on a website maintained by the Department, all information in the Register in relation to:

(a) interests in agricultural land; and

(b) registrable water interests.

(3) Schedule 3, Part 1, page 198 (after line 6), at the end of the Part, add:

Register of Foreign Ownership of Water or Agricultural Land Act 2015

13A Section 17

Repeal the section, substitute:

17 Register to be published on website

The Commissioner must publish on a website this register.

Sheet 1174

(1) Clause 2, page 2 (at the end of the table), add:

8. Schedule 4

The day after this Act receives the Royal Assent

(2) Page 207 (after line 25), at the end of the Bill, add:

Schedule 4—Australian water entitlements

Foreign Acquisitions and Takeovers Act 1975

1 Section 4

Insert:

Australian water entitlement: see subsection 47A(4).

2 After section 47

Insert:

47A Meaning of notifiable action —Australian water entitlement

(1) An action is a notifiable action if the conditions in this section are met.

First condition—kinds of action

(2) The first condition is that the action is to acquire an interest in an Australian water entitlement.

Second condition—action taken by a foreign person

(3) The second condition is that the action is or is to be taken by a foreign person.

Meaning of Australian water entitlement and related definitions

(4) For the purposes of this section, Australian water entitlement means any of the following:

(a) an irrigation right (within the meaning of the Water Act 2007) that relates to a water resource in Australia;

(b) a right (including an Australian water access entitlement) conferred by or under a law of a State or Territory to do either or both of the following:

      (i) to hold water from a water resource in Australia;

      (ii) to take water from a water resource in Australia.

(c) a contractual right to all or part of:

      (i) a right referred to in paragraph (a) or (b); or

      (ii) a water allocation; or

      (iii) a right of a kind specified in the regulations.

(5) However, an Australian water entitlement does not include:

(a) stock and domestic rights; or

(b) riparian rights; or

(c) water allocations; or

(d) a right of a kind specified in the regulations.

(6) In this section:

Australian water access entitlement means a perpetual or ongoing entitlement, by or under a law of a State or Territory, to exclusive access to a share of the water resources of an area in the State or Territory.

water allocation means the specific volume of water allocated to an Australian water access entitlement in a given period.

water resource means:

(a) surface water or ground water; or

(b) a watercourse, lake, wetland or aquifer (whether or not it currently has water in it).

An expression used in this definition that is also used in the Water Act 2007 has the same meaning as in that Act.