Senator SINODINOS (New South Wales—Cabinet Secretary) (14:12): I welcome the question from the Leader of the Opposition in the Senate, because foreign investment has been important in the history of this country for the last 200 years. We as a country have needed foreign investment in order to supplement domestic savings and allow us to invest at a higher level than would otherwise be possible. It is true—this is where the Leader of the Opposition in the Senate is leading—that over time we have had mechanisms like the Foreign Investment Review Board to scrutinise foreign investment proposals in particular sectors, some more sensitive than others. The whole rationale for that has been to assure the community— Senator Cameron interjecting— Senator Williams interjecting— The PRESIDENT: Order! Senator Cameron and Senator Williams! Cabinet Secretary. Senator SINODINOS: Foreign investment has been important across the whole of our economy, but the Foreign Investment Review Board is an important mechanism to scrutinise proposals to give an assurance to the Australian public that that investment is in our national interest. It is very important we understand that. So we welcome foreign investment, but we welcome it on our terms, depending upon the sector of the economy and the sensitivity of any particular sector. The agricultural sector has been a great beneficiary of foreign investment since 1788.