16 July Unearthing the Last Resort Power: The Bedrock Implications for the National Interest July 16, 2024 By ER Law Admin ARELJ, Energy, Environment 0 Introduction The extent of government intervention in financial markets is a polarising issue, having effectuated the rise and fall of nations, engendered heated political discourse, and even been used as the justification for international conflict. The complex and multifaceted nature of government intervention is not relegated to the macroscopic spheres of society – instead these interventions impact the experience of the citizen, their financial welfare, rights, and wellbeing. An intricate web of economic interconnectivity has transcended the traditional geographic and political boundaries. The ease of human mobility across borders is supplemented by the fluidity of capital flow, giving rise to a new set of legal considerations pertaining to geopolitical stability. The influx of foreign capital, whilst providing a catalyst for sustained economic growth, presents nuanced challenges relating to the intricate balance struck between economic globalisation and State sovereignty. The inception of the last resort power into the Foreign Acquisitions and Takeovers Act 1975 (Cth) (FATA) reflects a judicious and strategic legislative update, effectively balancing Australia's national interests with the globalisation of investment.[i] The provisions demonstrate foresight in establishing robust control over critical national resources, a particularly vital measure amidst escalating international tensions. At its core, the paper will delve into Administrative Law’s role in the control of government action, beginning by exploring the historical background of the Foreign Investment Review Board (FIRB, the Board) regime, providing a foundation for examining the justification for the last resort power. The analysis will shift toward the philosophical underpinnings of national interests and their interplay with the principles of procedural fairness. Ascertaining the fundamental principles of Australian Administrative Law will encourage reflection on the extent to which the FIRB framework complies, allowing a conclusion to be made as to whether it constitutes good law. [i] Foreign Acquisitions and Takeover Act 1975 (Cth). See also Foreign Acquisitions and Takeovers Regulation 2015 (Cth). Members can access the full article by visiting the following link: https://erlaw.org.au/LinkClick.aspx?fileticket=xez45Q5n1S0%3d&portalid=4 Related Articles SANTOS V TIPAKALIPPA: JUDICIAL GUIDANCE ON THE REQUIREMENTS FOR OFFSHORE PETROLEUM EP CONSULTATION In the Santos v Tipakalippa decision, the Full Federal Court has given guidance to offshore petroleum titleholders in respect of the consultation obligations that they need to satisfy in order to obtain NOPSEMA’s acceptance of environment plans that they submit for the purposes of conducting their respective petroleum activities. The Full Federal Court’s decision may, however, have wider impacts, including on the consultation that may be required to be undertaken by a project proponent under the Commonwealth Offshore Electricity Infrastructure legislation in order to develop an offshore renewable energy project. FORREST AND FORREST PTY LTD AND MINISTER FOR ABORIGINAL AFFAIRS [2023] WASAT 28 Western Australia’s State Administrative Tribunal (SAT) has rejected a review, by Forrest & Forrest Pty Ltd, against the refusal of consent to impact an Aboriginal site in constructing weirs across the Ashburton River. A unanimous three-member panel published its decision in April 2023. SAT’s decision and reasoning has direct significance and use for anyone involved in processes for a s 18 consent under the Aboriginal Heritage Act 1972 and broader relevance for the law around protection of Aboriginal heritage in Western Australia. With the WA Government announcing the reversal of recent statutory changes and a return to the 1972 legislation, SAT’s decision has increased relevance. ARELJ - Case Note - Australian Offshore Petroleum Regulation: Defining and Protecting the National Interest Submission - DISER Consultation Paper December 2020 ‘Enhancing Australia’s decommissioning framework for offshore oil and gas activities’ Implications of the Interim report on Commonwealth environmental protection laws Professor Graeme Samuel recently released his Interim Report of the Independent Review of the Environment Protection and Biodiversity Conservation Act 1999 (the EPBC Act). The report is highly critical of the EPBC Act, reporting that it neither ensures effective environmental and biodiversity protections nor efficiently regulates business. In the report, Professor Samuel makes several recommendations, some of which have already become priority areas for the government. These have significant implications for the energy and resources industry. ARELJ - Article - The Grounds Not Taken: Reliance on Additional Matters to Support the Refusal of Consent to the Assignment of a Joint Venture Interest Showing 0 Comment Comments are closed.