Foreign investors should dual list – Truss
23rd October, 2009
Nationals Leader Warren Truss today supported BHP Billiton Chairman Don Argus, who expressed concern regarding the adequacy of Australia’s foreign investment rules to meet the challenges of the future.Mr Truss said that Australia always had and always would welcome foreign investment.
“In a truly free market, foreign investment controls may not be necessary, but the increasing influence of sovereign wealth funds has changed the landscape,” Mr Truss said.
“Foreign investment may now be made for strategic rather than market reasons, with consequent risk to Australia’s ability to control its own destiny.”
Mr Truss said that Australian investors must have the opportunity to invest in major Australian developments, particularly in the resources sector.
One way to achieve this, in addition to the proposals put forward by Mr Argus, would be to introduce a requirement that any foreign company wishing to take over or establish a controlling interest in a major Australian company would be required to list or dual list on the Australian Stock Exchange.
“This would have the two-fold advantage of strengthening the ASX and ensuring Australians could continue to invest in Australian projects.”
It was time Australia had a considered debate on the best ways to encourage - but also control - responsible foreign investment.
“I congratulate Mr Argus on initiating this debate,” Mr Truss said.
