Seems like how good this will be will depend strongly on the treasurer not fucking it up.PM announces new restrictions on foreign investment in Australia
https://youtu.be/fVofhw9aI6o (ABC News)
PM and the treasurer both made a point of praising David Irvine, current head of the foreign investment review board and formerly head of ASIO and before that director general of ASIS and was the Australian ambassador to China from 2000 to 2003.
Claims that new policy was developed by Australia for Australia and not at all influenced by trying to maintain "accepted foreign state investor status" with the USA.
No mention of Victoria, Andrews, or the BRI.
PM ScoMo
Investment in Australia must be on our terms, on our rules and in our interests.
Need to be more careful of foreign investment in sensitive businesses, critical infrastructure, data centers.
Australia has the most liberal set of investment rules in our part of the world.
50 mil for ensuring agencies can enforce compliance in foreign investment rules.
Does not see any reason why these new policies might increase tension with China.
Port of Darwin was not sold with approval or authority of the Commonwealth Government, at the time of sale in 2016 was not required for states/territories to have approval from foreign investment review board or the treasurer to sell assets.
Jobs and growth.
Keep off the grass.
Treasurer
1 in 10 Australian jobs created by foreign investment.
Of the 4 trillion in foreign investment in Straya, more than 20% comes from the USA, more than 10% from each UK and Japan. Oh and a little over 5% from China.
Technology evolving, geo-political climate more complex, world over govts seeing foreign investment being used for strategic objectives, not purely commercial ones.
Most significant reforms to foreign investment act since established in 1975.
Three key areas of change..
Intend to pass changes by end of 2020 and implement by Jan 1st 2021.
- Creating new national security test for foreign investors trying to invest in sensitive areas, telecommunications, critical infrastructure, energy/utilities, defense supply chain, and businesses that collect store and own data. Exact businesses still to be determined.
- Treasurer also has new power where (s)he can "call in" an investment if it creates a risk but is not already covered by policy.
- Treasurer will also have last resort power to vary or impost conditions or as a last resort force divestment "in limited number of exceptional cases".
So... what are our odds?
