More criticism of Trans Pacific Partnership Investor State Dispute Settlement provisions.
There is mounting criticism of the proposed provisions in the Trans Pacific Partnership (TPP) which would give foreign corporations the right to sue Australian taxpayers over Australian government decisions that affect their business interests.
A week ago Reserve Bank Board member Heather Ridout said Australia would rue the day it lost control of its ability to make legitimate public policy decisions that might affect the way firms in Australia operated. She said "Mark my words, we will regret it, if we sign away our rights".
Ms Ridout joins a long line of critics of the investor state dispute settlement, or ISDS, provisions. The Chief Justice of the High Court of Australia, Robert French, the Productivity Commission, the Australian Competition and Consumer Commission (ACCC), and the Harper Competition Inquiry have all criticised the proposed provisions.
The Australian Government needs to be focused on the best interests of all Australians, and focused on the best interests of future generations, rather than the immediate financial interests of its corporate backers, when it engages in trade negotiations.
Federal Member for Wills