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Move to overhaul foreign investment

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For more information contact Karina Natt on 0433 620 850 or Nick Xenophon on 0411 626 677

10 / 3 / 2016

MEDIA ALERT On the day of a Senate Foreign Investment Inquiry in Sydney, Kathmandu founder Jan Cameron speaks out in favour of greater foreign investment transparency - after her matching bid for Australia’s biggest dairy was rejected in favour of an overseas company.

MOVE TO OVERHAUL FOREIGN INVESTMENT • Push for greater transparency in foreign investment framework will be key election issue WHAT: Media conference with Independent Senator for South Australia Nick Xenophon and Kathmandu founder Jan Cameron WHEN: 2.00pm today (Sydney time) WHERE: The Portside Centre, 207 Kent Street, Sydney. Independent Senator for SA, Nick Xenophon says that a Bill he will introduce for more transparency in Australia’s foreign investment framework will “finally make foreign investment in Australia genuinely open and accountable unlike current rules which are clear as mud”. Senator Xenophon will be joined at a media conference with iconic businesswoman and Kathmandu founder Jan Cameron. Ms Cameron led a consortium to buy Tasmania’s Van Diemen’s Land dairy, but her matching $280 million bid was rejected by Treasurer Scott Morrison in favour of a Chinese-based company. Senator Xenophon will move to overhaul the Foreign Acquisitions and Takeovers Act by adopting, in part, the well-tested and highly-transparent New Zealand framework, the reform will include: • A requirement for details of all approvals - not just rejections - of large investments to be published; • Requiring overseas investors to spell out how there would be a net economic and jobs benefit to Australia with their proposal; • Requiring key strategic assets to be subject to more stringent national security assessment. The 99-year lease of the Port of Darwin to a Chinese company has triggered serious concerns by independent national security and defence analysts; • Require any foreign investment proposal to be measured against alternative local investment offers. It appears Jan Cameron’s consortium was completely ignored despite it being a matching bid with more local jobs on offer; “Our secretive foreign investment framework needs to be dragged into the light. Other countries are laughing at us for selling off key strategic and agricultural assets without properly considering the national interest,” Nick said.