Media Release

KAP Federal Member for Kennedy Bob Katter has labelled today’s Federal Government announcement that they will reform the Foreign Investment Act to give Australia better control over who owns businesses and infrastructure in the nation as “a step in the right direction,” but a “more brutal execution of power” is required and suggested the first port of call be scrapping the Darwin Port lease.

The changes which are the most significant since the Act’s creation in 1975 include the creation of a new national security test for individual foreign investors and foreign government investors, as well as new powers for the Treasurer to call in a new investment, vary and edit an existing investment or end an investment.

Mr Katter labelled the Foreign Investment Review Board as “yes men” for rarely rejecting a foreign investment proposal and while he welcomed the announcement, he remained sceptical that it will mean anything at all.

“In Question Time I asked the Treasurer if the CWA in Kynuna could be given a contract to run the Foreign Investment Review Board because that contract seems to involve just saying yes all of the time. So if that is the case why not give it to some socially attractive purpose.

“To my knowledge there is only one case where they have rejected an offer from overseas and that is because the company involved had corrupt political influence over the LNP.”
Mr Katter said reclaiming significant assets of national security interest and importance should be the first priority but also acknowledged that China remains an important trading partner.

“If the Government are fair dinkum then they should be moving against the Port of Darwin and the Ord Stage 2 and 3. They should be moving now.

“Whilst we should be seeking a good trading relationship with China; I would be working around the clock to develop solid trading relationships with the VIP countries; Vietnam, Indonesia and the Philippines. Their population are half the size of China and they are our near neighbours, so why are we chasing China around all the time anyway?”

Mr Katter said that the nature of these announcements had changed over the years, arguing they are more of a publicity stunt than real policy change.

“I think the nature of Ministers has changed. They are more in the nature of public relations machines for government policy and they don’t actually do anything. I don’t think they actually have the power to do anything.

“In the days where McEwen brutally negotiated the world sugar agreement, brutally negotiated the access for our beef into Britain and brilliantly negotiated the access for our beef into Japan; the days of proactive capable ministers who are in charge of what Australia does – those days are dead.

“I think the Prime Minster and the Treasurer are quite genuine and are genuinely making an effort; but they are not taking the bit in their teeth here. It needs a lot stronger action than moral suasion and that is all you have here. The history books certainly won’t be recording anything of significance here.”

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