Labor will move in the Senate to ensure Australia remains an attractive destination for foreign investment so our economy can grow to meet the challenges of the future.
The Turnbull Liberal Government is seeking to impose new barriers and red tape on inward investment into Australia.
This will reduce Australias attractiveness as an investment destination, making it harder for our businesses and farmers to raise the capital they need to expand and create new jobs.
Labor will seek to amend the Foreign Acquisitions and Takeovers Legislation Amendment Bill to scrap requirements for Foreign Investment Review Board screening of investments in agribusiness worth more than $55 million.
There is no policy rationale for these new barriers to investment in agribusiness, which the Government has defined so broadly that it will include half of Australias food manufacturing industry.
The legislation will create the bizarre position where the screening threshold for foreign investment in sensitive sectors like uranium extraction or defence industries would be five times higher than for food manufacturing.
Labor will treat agribusiness in the same way as other non-sensitive sectors of the economy.
We will also seek to amend the Bill to increase the FIRB screening threshold for investment in agricultural land from the Governments proposed $15 million to $50 million.
Australias farming and food industries need investment so they can expand and take advantage of the tremendous export opportunities in our region in coming years.
The Governments legislation puts those opportunities at risk and sends a terrible signal to international investors.
It is an open secret that the former Prime Minister Tony Abbott pushed the new restrictions through despite opposition from the Minister for Trade and Investment, the former Treasurer and the former Minister for Industry.
The challenge for Malcolm Turnbull is whether he will stand up for an open economy by supporting Labors amendments or just be a rubber stamp for the anti-investment barriers concocted by Mr Abbott and the Nationals.