Senator WONG (South Australia—Minister for Finance and Deregulation) (14:57): I will start by making a couple of general points. The first is that the ABS data which the government commissioned in November 2010 indicates that levels of foreign investment in the agricultural sector have remained relatively stable for the last 30 years. The second point I would like to make to Senator Madigan, and I do understand his concerns—he has been consistent about them and he is representing the views of a number of his constituents—is that it is important to remember why we have foreign investment in Australia. It is because we do not have sufficient capital in this country to make the investments that are needed. Investment is good for Australian jobs and Australian workers and it is good for the economy more broadly. If we had a position where we said, 'We don't want foreign investment,' we would actually be saying that we want to generate less economic output and less economic wealth. Senator Nash interjecting— Senator WONG: I am not quite sure whether the National Party is for or against foreign investment, from their interjections, but what we do know is that they will roll over again, just as they are doing on pre-selections—good luck in the seat of Hume—but I think the Leader of the Opposition got some— The PRESIDENT: Order! Come to the question, Senator Wong; ignore the interjections. Senator WONG: I apologise to Senator Madigan. In terms of the government's position: we apply a rigorous national interest test to all foreign investment applications. We screen every dollar of direct investment from foreign governments. The reality is that Australia has long been reliant on foreign capital to build and develop its business in all parts of the economy, including agriculture. I referred earlier to the commissioning of the ABS to give the government and the Australian people a better picture of the foreign investment landscape. The intention there was to take sensible steps to acquire a comprehensive snapshot of foreign investment levels in Australia's agricultural land, water entitlements and agribusiness. As I said, I am advised that the data indicates a relatively stable level of investment for around the last three decades. (Time expired)