The bill should be supported because it seeks to uphold principles of international law and human rights by ensuring that Australian investments do not support activities deemed illegal by the international community. By divesting from companies involved in illegal Israeli settlements, Australia reaffirms its commitment to non-discrimination and the right to self-determination for the Palestinian people, aligning with international resolutions and legal judgments [Judgment].
The measures are also in line with promoting a global rules-based order, which is crucial for maintaining international peace and security. This approach not only reinforces Australia's stance on human rights but also ensures that its financial practices do not contribute to environmental degradation or social injustice in the occupied Palestinian territories [Judgment].
The bill should be opposed because it potentially limits the investment opportunities of the Future Fund and Australian charities, which could have implications for their financial performance and returns. Prohibiting investments based on political criteria rather than financial viability could undermine the fiduciary responsibility to maximize returns, which may not be in the best interest of Australian taxpayers and beneficiaries of these funds [Judgment].
Additionally, taking a unilateral stance on such a complex international issue might strain Australia's diplomatic relations with Israel and its allies, possibly impacting trade and cooperation in other areas. These diplomatic and economic considerations should be carefully weighed against the perceived benefits of the bill [Judgment].
2024-11-28
Before Senate
THORPE, Sen Lidia; PAYMAN, Sen Fatima
Unspecified
Discrimination / Human Rights, Foreign Policy, Financial Regulation