Footnotes

Chapter 1

[1]        Selection of Bills Committee, Report No 10 of 2015, 20 August 2015, [p. 3]; Journals of the Senate, 2013–15, no. 110 (20 August 2015), p. 3007.

[2]        Appendix 3, Selection of Bills Committee, Report No 10 of 2015, 20 August 2015.

[3]        The Coalition Party, Foreign Investment in Australian Agricultural Land and Agribusiness, August 2012, http://shared.liberal.org.au/Share/Foreign_investment_discussion_paper.pdf (accessed 31 August 2015).

[4]        The Hon. Tony Abbott, MP, Prime Minister of Australia, the Hon. Joe Hockey, MP, Treasurer, and the Hon. Barnaby Joyce, MP, Minister for Agriculture, 'Government tightens rules on foreign purchases of agricultural land', Media release, 11 February 2015.

[5]        The Hon. Tony Abbott, MP, Prime Minister of Australia, and the Hon. Joe Hockey, MP, Treasurer, 'Government to strengthen Australia's foreign investment framework', Media release, 25 February 2015.

[6]        Department of the Treasury, Strengthening Australia's Foreign Investment Framework, Options Paper, February 2015, http://www.treasury.gov.au/ConsultationsandReviews/Consultations/2015/Strengthening-Australias-foreign-investment-framework (accessed 31 August 2015).

[7]        The Hon. Tony Abbott, MP, Prime Minister of Australia, and the Hon. Joe Hockey, MP, Treasurer, 'Government strengthens the foreign investment framework', Media release, 2 May 2015.

[8]        The Hon. Tony Abbott, MP, Prime Minister of Australia, and the Hon. Joe Hockey, MP, Treasurer, 'Government strengthens the foreign investment framework', Media release, 2 May 2015.

[9]        Department of the Treasury, Modernising Australia's Foreign Investment Framework, Options Paper, May 2015, http://www.treasury.gov.au/ConsultationsandReviews/Consultations/2015/Modernising-Australias-foreign-investment-framework (accessed 31 August 2015).

[10]      Department of the Treasury, Implementing Foreign Investment Reforms, Exposure Draft, July 2015, http://www.treasury.gov.au/ConsultationsandReviews/Consultations/2015/Implementing-Foreign-Investment-Reforms (accessed 31 August 2015).

[11]      Department of the Treasury, Regulation Impact Statement: Foreign Investment Proposals, p. 39, 14 September 2015, https://ris.govspace.gov.au/files/2015/09/Foreign-investment-reforms-RIS-web-accessible.pdf (accessed 15 September 2015).

[12]      Department of the Treasury, Regulation Impact Statement: Foreign Investment Proposals, 14 September 2015, https://ris.govspace.gov.au/files/2015/09/Foreign-investment-reforms-RIS-web-accessible.pdf (accessed 15 September 2015).

[13]      Department of the Treasury, Australian Government response to the House of Representatives Standing Committee on Economics report: Foreign Investment in Residential Real Estate, August 2015, pp 2-3. 

[14]      Explanatory Memorandum, p. 7.

[15]      Foreign Investment Review Board, Submission 5, p. 1.

[16]      Submission 5, p. 1.

[17]      Foreign Acquisitions Act, section 5.

[18]      Foreign Acquisitions Bill, item 3, proposed section 4 of Schedule 1. Australia’s Foreign Investment Policy currently applies some of the requirements under the Foreign Acquisitions Act to foreign governments.  

[19]      Foreign Acquisitions Bill, item 4, proposed sections 40 to 43 of Schedule 1.

[20]      Foreign Acquisitions Bill, item 4, proposed sections 51 to 55 of Schedule 1.

[21]      Foreign Acquisitions Bill, item 3, proposed section 4 of Schedule 1.

[22]      See Foreign Acquisitions Bill, item 4, proposed section 52 of Schedule 1.

[23]      Foreign Acquisitions Bill, item 4, proposed Part 3 of Schedule 1.

[24]      Foreign Acquisitions Bill, item 4, proposed section 69 of Schedule 1.

[25]      Foreign Acquisitions Bill, item 4, proposed section 47 of Schedule 1.

[26]      Foreign Acquisitions Bill, item 4, proposed subsection 41(5) of Schedule 1.

[27]      Australian urban land is defined as land situated in Australia that is not Australian rural land: see Foreign Acquisitions Act, section 5.

[28]      Foreign Acquisitions Act, subsection 21A.

[29]      Australian land means agricultural land, commercial land, residential land or a mining or production tenement: see Foreign Acquisitions Bill, item 3, proposed section 4 of Schedule 1.

[30]      Foreign Acquisitions Bill, item 4, proposed sections 68 and 77 of Schedule 1.

[31]      Foreign Acquisitions Bill, item 4, proposed section 82 of Schedule 1.

[32]      Explanatory Memorandum, paragraph 3.10.

[33]      For example, see Foreign Acquisitions Act, subsection 25(1C).

[34]      For example, see Foreign Acquisitions Bill, item 4, proposed section 86 of Schedule 1.

[35]      Explanatory Memorandum, p. 74.

[36]      Foreign Acquisitions Bill, item 4, Part 5, Division 2 of Schedule 1.

[37]      Foreign Acquisitions Bill, item 4, Part 5, Division 3 of Schedule 1.

[38]      Foreign Acquisitions Bill, item 4, proposed sections 102 and 103 of Schedule 1.

[39]      Foreign Acquisitions Bill, item 4, proposed section 113 of Schedule 1.

[40]      Foreign Acquisitions Bill, item 4, proposed section 114 of Schedule 1.

[41]      Foreign Acquisitions Bill, item 4, proposed section 115 of Schedule 1.

[42]      Foreign Acquisitions Bill, item 4, proposed section 137 of Schedule 1.

[43]      Foreign Acquisitions Bill, item 4, proposed section 138 of Schedule 1.

[44]      Explanatory Memorandum, paragraph 7.21.

[45]      The Hon. Tony Abbott, MP, Prime Minister of Australia, and the Hon. Joe Hockey, MP, Treasurer, 'Government strengthens the foreign investment framework', Media release, 2 May 2015.

[46]      Fees Imposition Bill, clauses 6, 7 and 8.

[47]      Fees Imposition Bill, clause 5.

[48]      Fees Imposition Bill, clause 9.

[49]      Fees Imposition Bill, clauses 11 and 13.

[50]      Register Bill, clause 4.

[51]      Register Bill, clause 19.

[52]      Register Bill, clauses 14, 15, 16, 17 and 34.

[53]      Register Bill, clause 19.

[54]      Register Bill, clause 20.

[55]      Register Bill, clause 20.

[56]      Explanatory Memorandum, p. 161.

[57]      Register Bill, clause 32.

[58]      Explanatory Memorandum, p. 161.

[59]      Foreign Imposition Bill, clause 2.

[60]      Foreign Imposition Bill, clause 2.

[61]      Register Bill, clause 2.

[62]      Fees Imposition Bill, clause 2.

[63]      Explanatory Memorandum, p. 8.

[64]      Explanatory Memorandum, p. 8.

[65]      Foreign Acquisitions Bill, item 3, proposed section 37 of Schedule 1.

[66]      Foreign Acquisitions Bill, item 4, proposed section 44 of Schedule 1.

[67]      Foreign Acquisitions Bill, item 4, proposed section 48 of Schedule 1. See Senate Standing Committee for the Scrutiny of Bills, Alert Digest No. 9 of 2015, 9 September 2015, pp. 6–8.

[68]      See Senate Standing Committee for the Scrutiny of Bills, Alert Digest No. 9 of 2015, 9 September 2015, pp. 5–14.

[69]      Senate Standing Committee for the Scrutiny of Bills, Alert Digest No. 9 of 2015, 9 September 2015, pp. 15 and 19.

[70]      Parliamentary Joint Committee on Human Rights, Human rights scrutiny report: Twenty‑seventh report of the 44^th Parliament, 8 September 2015, pp. 1–2.

Chapter 2

[1]        The Hon. Joe Hockey, MP, House of Representatives Hansard, 20 August 2015, p. 8984.

[2]        House of Representatives Standing Committee on Economics, Report on Foreign Investment in Residential Real Estate, November 2014, pp. 2–3.

[3]        The Hon. Joe Hockey, MP, House of Representatives Hansard, 20 August 2015, p. 8986.

[4]        The Hon. Joe Hockey, MP, House of Representatives Hansard, 20 August 2015, p. 8986.

[5]        Real Estate Institute of Australia, Submission 3, p. 2; Property Council of Australia, Submission 7, p. 1.

[6]        Cattle council of Australia, Submission 2, p. 2.

[7]        Urban Development Institute of Australia, Submission 9, p. 1.

[8]        Foreign Investment Review Board, Submission 5, p. 1.

[9]        Electronic Conveyancing Group, Submission 12, pp. 3–4.

[10]      Submission 9, p.1.

[11]      Hickey Lawyers, Submission 1, attachment 1, p. 2.

[12]      Submission 2, p. 3.

[13]      Submission 5, p. 2.  

[14]      Submission 5, p. 2.

[15]      Financial Services Institute of Australia, Submission 10, p. 1.

[16]      Submission 5, p. 2.

[17]      Fees Imposition Bill, clauses 6, 7 and 8.

[18]      House of Representatives Standing Committee on Economics, Report on Foreign Investment in Residential Real Estate, November 2014, p. 39.

[19]      House of Representatives Standing Committee on Economics, Report on Foreign Investment in Residential Real Estate, November 2014, p. 38.

[20]      Submission 2, p. 3.

[21]      National Farmers' Federation, Submission 11, p. 9.

[22]      Submission 7, p. 1.

[23]      Submission 9, p. 2.

[24]      Submission 9, p. 2.

[25]      Submission 9, p. 2.

[26]      Explanatory Memorandum, paragraph 12.4.

[27]      Submission 12, p. 5.

[28]      Submission 1, attachment 1, p. 2.

[29]      Submission 1, attachment 1, p. 3.

[30]      Submission 1, attachment 1, p. 7.

[31]      Real Estate Institute of Australia, Submission 3, p. 3.

[32]      Explanatory Memorandum, paragraph 3.32.

[33]      Department of the Treasury, Regulation Impact Statement: Foreign investment proposals, 14 September 2015, paragraphs 1.228 and 1.229, http://ris.dpmc.gov.au/2015/09/14/strengthening-australias-foreign-investment-framework/ (accessed 15 September 2015).

[34]      Submission 3, p. 3.

[35]      Foreign Acquisitions Bill, item 4, proposed paragraph 60(1)(b) of Schedule 1.

[36]      Foreign Acquisitions Bill, item 4, proposed section 45 of Schedule 1.

[37]      Fees Imposition Bill, clause 6. The fee for residential properties valued at $1 million or less is $5,000, while the fee for residential properties valued at greater than $1 million is $10,000 then $10,000 incremental fee per additional $1 million in property value.

[38]      Submission 1, p. 3.

[39]      Submission 12, p. 4.

[40]      Submission 9, p. 3.

[41]      Submission 9, p. 3.

[42]      Submission 9, p. 3.

[43]      House of Representatives Standing Committee on Economics, Report on Foreign Investment in Residential Real Estate, November 2014, pp. 39–41.

[44]      Submission 2, p. 2.

[45]      Submission 12, p. 5.

[46]      Submission 1, attachment 1, p. 5.

[47]      Foreign Acquisitions Bill, item 4, proposed sections 101 and 102 of Schedule 1.

[48]      Foreign Acquisitions Bill, item 4, proposed sections 102 and 103 of Schedule 1.

[49]      Submission 12, p. 4.

[50]      House of Representatives Standing Committee on Economics, Report on Foreign Investment in Residential Real Estate, November 2014, pp. 39–40.

[51]      House of Representatives Standing Committee on Economics, Report on Foreign Investment in Residential Real Estate, November 2014, p. 39.

[52]      The Hon. Tony Abbott, MP, Prime Minister of Australia, and the Hon. Joe Hockey, MP, Treasurer, 'Government strengthens the foreign investment framework', Media release, 2 May 2015.

[53]      Department of the Treasury, Australian Government response to the House of Representatives Standing Committee on Economics report: Foreign Investment in Residential Real Estate, August 2015, pp. 2–3. 

[54]      The Hon. Tony Abbott, MP, Prime Minister of Australia, and the Hon. Joe Hockey, MP, Treasurer, 'Government strengthens the foreign investment framework', Media release, 2 May 2015.

[55]      Submission 5, p. 2.

[56]      Submission 1, attachment 1, p. 5.

[57]      Submission 12, p. 3.

[58]      House of Representatives Standing Committee on Economics, Report on Foreign Investment in Residential Real Estate, November 2014, p. 55.

[59]      House of Representatives Standing Committee on Economics, Report on Foreign Investment in Residential Real Estate, Recommendation 8, November 2014, p. 75.

[60]      Department of the Treasury, Regulation Impact Statement: Foreign investment proposals, 14 September 2015, paragraph 1.101, http://ris.dpmc.gov.au/2015/09/14/strengthening-australias-foreign-investment-framework/ (accessed 15 September 2015).

[61]      Submission 2, p. 3.

[62]      Submission 10, p. 3.

[63]      Submission 6, pp. 2–5.

[64]      Taxation Administration Act, sections 388-50 and 388-55 of Schedule 1.

[65]      Department of the Treasury, Regulation Impact Statement: Foreign investment proposals, 14 September 2015, paragraphs 1.102, 1.104 and 1.107, http://ris.dpmc.gov.au/2015/09/14/strengthening-australias-foreign-investment-framework/ (accessed 15 September 2015).

[66]      ATO, 'Agricultural land registration form and instructions – individuals and partnerships', https://www.ato.gov.au/Forms/Agricultural-land-registration-form-and-instructions---individuals-and-partnerships/ (accessed 26 September 2015).

[67]      Department of the Treasury, Regulation Impact Statement: Foreign Investment Proposals, 14 September 2015, p. 39, https://ris.govspace.gov.au/files/2015/09/Foreign-investment-reforms-RIS-web-accessible.pdf (accessed 15 September 2015).

[68]      Australian Food and Grocery Council, Submission 8, p. 6; Submission 11, p. 11.

[69]      Submission 8, p. 3.

[70]      Submission 2, p. 3.

[71]      Submission 11, p. 12.

[72]      Submission 11, p. 12; Submission 8, p. 7.

[73]      Submission 11, p. 12.

[74]      Submission 11, p. 12; Submission 8, p. 8.

[75]      Submission 2, p. 3.

[76]      Submission 2, p. 3.

[77]      Submission 11, p. 9.

[78]      Submission 11, p. 6.

[79]      Herbert Smith Freehills, Submission 4, p. 2.

[80]      Submission 4, pp. 4–5.

Dissenting Report by Labor Senators

[1]        Australian Food and Grocery Council, Submission 8, p. 4.

[2]        Australian Food and Grocery Council, Submission 8, p. 5.

[3]        Business Council of Australia, Submission to Exposure Draft on Implementing Foreign Investment Reforms, July 2015, p. 2. http://www.treasury.gov.au/~/media/Treasury/Consultations%20and%20Reviews/Consultations/2015/Implementing%20Foreign%20Investment%20Reforms/Submissions/PDF/BCA.ashx (accessed on 14 October 2015)

Additional Comments by Senator Nick Xenophon

[1]        Nick Xenophon, Additional Comments to Examination of the Foreign Investment Review Board National Interest Test  Interim report: Tax arrangements for foreign investment in agriculture and the limitations of the Foreign Acquisitions and Takeovers Act 1975, 28 November 2012.

[2]        Nick Xenophon, Additional Comments to Foreign Acquisitions Amendment (Agricultural Land) Bill 2010, 16 June 2011.

[3]        The Hon. Tony Abbott, MP, Prime Minister of Australia, the Hon. Joe Hockey, MP, Treasurer, and the Hon. Barnaby Joyce, MP, Minister for Agriculture, 'Government tightens rules on foreign purchases of agricultural land', Media release, 11 February 2015.