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Foreign Acquisitions and Takeovers Legislation Amendment Bill 2015

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7782 revised

2013-2014-2015

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

 

Foreign Acquisitions and Takeovers Legislation Amendment Bill 2015

 

 

(1)     Schedule 1, item 4, page 44 (lines 15 and 16), omit “the total value of the following is more than the value prescribed for the purposes of this paragraph”, substitute “the total value of the following is more than $5 million”.

[threshold value]

(2)     Schedule 1, item 4, page 54 (after line 16), after subsection 67(1), insert:

          (1A)  If:

                     (a)  the significant action is to acquire an interest in Australian land; and

                     (b)  the land is agricultural land;

then, in determining whether taking the significant action would be contrary to the national interest for the purposes of subsection (1), the Treasurer must have regard to each of the following matters in so far as the matter is relevant:

                     (c)  national security issues, including Australia’s ability to protect its strategic and security interests;

                     (d)  the impact the significant action will have, if any, on the following:

                              (i)  competition, global industry or market outcomes;

                             (ii)  Australian tax revenues;

                            (iii)  Australia’s food security;

                     (e)  the impact the significant action will have, if any, on the Australian economy, including whether the significant action will, or is likely to, result in;

                              (i)  the creation of new job opportunities in Australia, or the retention of existing jobs in Australia that may otherwise be lost; or

                             (ii)  the introduction into Australia of new technology or business skills; or

                            (iii)  increased export receipts for Australian exporters; or

                            (iv)  additional market competition, greater efficiency or productivity, or enhanced domestic services, in Australia; or

                             (v)  the introduction into Australia of additional investment for development purposes; or

                            (vi)  increased processing in Australia of Australian primary products;

                      (f)  whether Australia’s economic interests are adequately safeguarded and promoted;

                     (g)  whether the significant action will, or is likely to benefit Australia generally, or any part of Australia or group of Australians;

                     (h)  whether the foreign person has demonstrated financial commitment to the interest;

                      (i)  whether the foreign person has business experience and acumen relevant to the interest;

                      (j)  whether the foreign person is of good character;

                     (k)  any other matter the Minister considers relevant.

[national interest test]

(4)     Schedule 1, item 4, page 59 (after line 36), after subsection 71(1), insert:

          (1A)  If:

                     (a)  the variation or revocation is of an order under section 67; and

                     (b)  the significant action to which the order relates is to acquire an interest in Australian land; and

                     (c)  the land is agricultural land;

then, in determining whether the variation or revocation is contrary to the national interest for the purposes of paragraph (1)(a), the Treasurer must have regard to each of the following matters in so far as the matter is relevant:

                     (d)  national security issues, including Australia’s ability to protect its strategic and security interests;

                     (e)  the impact the variation or revocation will have, if any, on the following:

                              (i)  competition, global industry or market outcomes;

                             (ii)  Australian tax revenues;

                            (iii)  Australia’s food security;

                      (f)  the impact the variation or revocation will have, if any, on the Australian economy, including whether the result will, or is likely to, result in;

                              (i)  the creation of new job opportunities in Australia, or the retention of existing jobs in Australia that may otherwise be lost; or

                             (ii)  the introduction into Australia of new technology or business skills; or

                            (iii)  increased export receipts for Australian exporters; or

                            (iv)  additional market competition, greater efficiency or productivity, or enhanced domestic services, in Australia; or

                             (v)  the introduction into Australia of additional investment for development purposes; or

                            (vi)  increased processing in Australia of Australian primary products;

                     (g)  whether Australia’s economic interests are adequately safeguarded and promoted;

                     (h)  whether the variation or revocation will, or is likely to benefit Australia generally, or any part of Australia or group of Australians;

                      (i)  whether the foreign person has demonstrated financial commitment to the interest;

                      (j)  whether the foreign person has business experience and acumen relevant to the interest;

                     (k)  whether the foreign person is of good character;

                      (l)  any other matter the Minister considers relevant.

[national interest test]