❓ The Treasurer outlines the benefits of the Interstate Investment Cooperation Agreement for WA, focusing on preventing bidding wars for major events and protecting taxpayers. The agreement promotes cooperation and information sharing among states, excluding Queensland.
AnsweredQoN 88Legislative Assembly
QuestionView source ↗
INTERSTATE INVESTMENT COOPERATION AGREEMENT
Can the Treasurer inform the Parliament about benefits for Western Australia resulting from extending the historic Interstate Investment Cooperation Agreement? Mr E.S. RIPPER
Can the Treasurer inform the Parliament about benefits for Western Australia resulting from extending the historic Interstate Investment Cooperation Agreement? Mr E.S. RIPPER
AnswerView source ↗
This is an agreement between the states and territories to prevent bidding wars for business investment in major events. It will be continued for a further five years because the first phase of the agreement has been a success. Under the Interstate Investment Co-operation Agreement, information on approaches from companies is shared across jurisdictions. This sharing of information helps to protect taxpayers from unnecessary expense and reduce unnecessary business welfare. We are keen to attract new investment, but we do not think that anybody wins when companies are allowed to play states off against each other. Victoria, New South Wales, South Australia, Tasmania, the Australian Capital Territory and the Northern Territory signed the second Interstate Investment Co-operation Agreement at the Treasurers’ conference in Canberra last week. I believe that the agreement will save the participating states and territories millions of dollars that would otherwise be spent by their taxpayers. Queensland is not a signatory to the agreement; however, we hope that it will agree to exchange some information on approaches from companies trying to play the states off against each other and extract benefits from taxpayers that they should not receive. The agreement will run for five years and includes a process for a formal review in 2010. The states have also agreed on new mechanisms to encourage state cooperation when companies make their first approaches. They have also agreed to promote Australia as an investment destination by exchanging information on international event participation and international missions and by jointly promoting a positive image of Australia in international markets. The principal mechanism of the agreement is an annual report by each participating state and territory on its investment attraction activities. This agreement shows what can be achieved when the states and territories work together in the national and public interest.
Mr E.S. RIPPER replied: This is an agreement between the states and territories to prevent bidding wars for business investment in major events. It will be continued for a further five years because the first phase of the agreement has been a success. Under the Interstate Investment Co-operation Agreement, information on approaches from companies is shared across jurisdictions. This sharing of information helps to protect taxpayers from unnecessary expense and reduce unnecessary business welfare. We are keen to attract new investment, but we do not think that anybody wins when companies are allowed to play states off against each other. Victoria, New South Wales, South Australia, Tasmania, the Australian Capital Territory and the Northern Territory signed the second Interstate Investment Co-operation Agreement at the Treasurers’ conference in Canberra last week. I believe that the agreement will save the participating states and territories millions of dollars that would otherwise be spent by their taxpayers. Queensland is not a signatory to the agreement; however, we hope that it will agree to exchange some information on approaches from companies trying to play the states off against each other and extract benefits from taxpayers that they should not receive. The agreement will run for five years and includes a process for a formal review in 2010. The states have also agreed on new mechanisms to encourage state cooperation when companies make their first approaches. They have also agreed to promote Australia as an investment destination by exchanging information on international event participation and international missions and by jointly promoting a positive image of Australia in international markets. The principal mechanism of the agreement is an annual report by each participating state and territory on its investment attraction activities. This agreement shows what can be achieved when the states and territories work together in the national and public interest.
This is an agreement between the states and territories to prevent bidding wars for business investment in major events. It will be continued for a further five years because the first phase of the agreement has been a success. Under the Interstate Investment Co-operation Agreement, information on approaches from companies is shared across jurisdictions. This sharing of information helps to protect taxpayers from unnecessary expense and reduce unnecessary business welfare. We are keen to attract new investment, but we do not think that anybody wins when companies are allowed to play states off against each other. Victoria, New South Wales, South Australia, Tasmania, the Australian Capital Territory and the Northern Territory signed the second Interstate Investment Co-operation Agreement at the Treasurers’ conference in Canberra last week. I believe that the agreement will save the participating states and territories millions of dollars that would otherwise be spent by their taxpayers. Queensland is not a signatory to the agreement; however, we hope that it will agree to exchange some information on approaches from companies trying to play the states off against each other and extract benefits from taxpayers that they should not receive. The agreement will run for five years and includes a process for a formal review in 2010. The states have also agreed on new mechanisms to encourage state cooperation when companies make their first approaches. They have also agreed to promote Australia as an investment destination by exchanging information on international event participation and international missions and by jointly promoting a positive image of Australia in international markets. The principal mechanism of the agreement is an annual report by each participating state and territory on its investment attraction activities. This agreement shows what can be achieved when the states and territories work together in the national and public interest.
Mr E.S. RIPPER replied: This is an agreement between the states and territories to prevent bidding wars for business investment in major events. It will be continued for a further five years because the first phase of the agreement has been a success. Under the Interstate Investment Co-operation Agreement, information on approaches from companies is shared across jurisdictions. This sharing of information helps to protect taxpayers from unnecessary expense and reduce unnecessary business welfare. We are keen to attract new investment, but we do not think that anybody wins when companies are allowed to play states off against each other. Victoria, New South Wales, South Australia, Tasmania, the Australian Capital Territory and the Northern Territory signed the second Interstate Investment Co-operation Agreement at the Treasurers’ conference in Canberra last week. I believe that the agreement will save the participating states and territories millions of dollars that would otherwise be spent by their taxpayers. Queensland is not a signatory to the agreement; however, we hope that it will agree to exchange some information on approaches from companies trying to play the states off against each other and extract benefits from taxpayers that they should not receive. The agreement will run for five years and includes a process for a formal review in 2010. The states have also agreed on new mechanisms to encourage state cooperation when companies make their first approaches. They have also agreed to promote Australia as an investment destination by exchanging information on international event participation and international missions and by jointly promoting a positive image of Australia in international markets. The principal mechanism of the agreement is an annual report by each participating state and territory on its investment attraction activities. This agreement shows what can be achieved when the states and territories work together in the national and public interest.
This is an agreement between the states and territories to prevent bidding wars for business investment in major events. It will be continued for a further five years because the first phase of the agreement has been a success. Under the Interstate Investment Co-operation Agreement, information on approaches from companies is shared across jurisdictions. This sharing of information helps to protect taxpayers from unnecessary expense and reduce unnecessary business welfare. We are keen to attract new investment, but we do not think that anybody wins when companies are allowed to play states off against each other. Victoria, New South Wales, South Australia, Tasmania, the Australian Capital Territory and the Northern Territory signed the second Interstate Investment Co-operation Agreement at the Treasurers’ conference in Canberra last week. I believe that the agreement will save the participating states and territories millions of dollars that would otherwise be spent by their taxpayers. Queensland is not a signatory to the agreement; however, we hope that it will agree to exchange some information on approaches from companies trying to play the states off against each other and extract benefits from taxpayers that they should not receive. The agreement will run for five years and includes a process for a formal review in 2010. The states have also agreed on new mechanisms to encourage state cooperation when companies make their first approaches. They have also agreed to promote Australia as an investment destination by exchanging information on international event participation and international missions and by jointly promoting a positive image of Australia in international markets. The principal mechanism of the agreement is an annual report by each participating state and territory on its investment attraction activities. This agreement shows what can be achieved when the states and territories work together in the national and public interest.
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