Friday, July 23, 2010

One Nation questions the benefits of too much foreign investment.

Australian companies and agricultural holdings are being bought out at an unprecedented rate and it seems that the main political parties cannot get enough foreign investment. Daily Labor or Liberal will brag of the money being poured into the economy and the jobs that are created, but they fail to disclose how our important strategic industries are quickly coming under foreign control.

Chinese corporations owned by the communist government are buying up mining, agricultural, steel and manufacturing plants. The Brazilian government is buying up meat wholesale and distribution and strategic food industries and the Singapore government is buying up power companies, retail operations and telecommunications. It will not be long before the Chinese and Singapore governments will own more business assets than the Australian government.

Our government has made it easier for foreigners to buy Australian real estate. This has increased demand and pushed many first home buyers and Australian investors out of the market. Demand is strong and there have even been claims by Chinese investors that they will own all of Sydney’s waterfront property in the coming years. As a result it is difficult to buy a property for less than one million dollars in some average Sydney suburbs.

One Nation wants stricter controls on foreign ownership. We would introduce caps on foreign investment in strategic industries such as mining, agriculture and power production. One Nation believes that all Australians have the right to home ownership so we would shut down foreign investment in family homes. At the same time we would develop policy to help Australian business grow. We need to build industry not sell it, developing Australian ideas and inventions into new industries rather than losing them offshore.

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