Latest news with #ForeignInvestmentReviewBoard
Sydney Morning Herald
6 days ago
- Business
- Sydney Morning Herald
Albanese says Taiwan ‘status quo' remains after questions on Chinese media report
'You're trying to quote a Chinese readout that I haven't seen,' Albanese said at a press conference on Wednesday in response to a question about his reported position. 'What we do is continue to support a one-China policy. We support the status quo. By definition. We don't support any unilateral action on Taiwan.' The status quo, in Australia's view, is that Taiwan should not declare independence unilaterally and China should not retake the island without negotiations. Later on Wednesday, Albanese travelled to Chengdu, a major city in Western China, that has a history of being more liberal than other parts of the country. There the prime minister met with local party officials and held a tennis event. On Thursday, Albanese will attend a medical technology industry lunch with dignitaries, including Australian Nobel laureate Professor Barry Marshall, and then tour a factory from Australian hearing implant company Cochlear. China is the world's largest manufacturer of high-tech devices, but research and technology ties between the country and the West have been strained by allegations of intellectual property theft and strategic tensions. In a speech to the lunch, Albanese will recall Bob Hawke's visit to Chengdu in 1986 when the Labor leader went to an Australian-owned circuit board factory. He will say that technology remains core to Australia's trade partnership with China and that both nations can improve by investing in research and manufacturing. 'This also depends on continuing to break down barriers by supporting the free and fair trade that enables Australian medtech companies to access the market here in China,' Albanese will say. While Albanese was touring Beijing this week, Russia's foreign minister, Sergey Lavrov, was also in the city. Asked whether Australia's strategy of engaging with China through trade despite security issues was repeating Europe's approach before Russia invaded Ukraine, Albanese said the situations were different. 'I don't think you can translate one thing across some other part of the world of which Australia is not a participant,' Albanese said. He argued that Australia's ties with China went beyond trade to dialogue at summits and personal links. Loading Xi and Russian President Vladimir Putin previously declared a 'no-limits' partnership between the nations, and China has been accused of assisting Russia's war effort in Ukraine. Chinese direct investment in Australia has slowed in recent years due to national security concerns about overseas influence in critical industries such as infrastructure and resources. China has been pushing to lower the barriers to entry mandated by Australia's Foreign Investment Review Board, which can block attempts at investment or reverse them, such as an order last year to push China-linked investors out of a critical minerals company in Western Australia. After the pair inspected Chinese troops dressed in immaculate dress uniforms, Li told a business roundtable attended by Albanese on Tuesday night that China was seeking fairness. Loading 'I trust that Australia will also treat Chinese enterprises fairly and also properly resolve the issues [of] market access and review,' he said. According to figures from consultancy KPMG and the University of Sydney, Chinese investment in Australia increased from $US613 million in 2023 to $US862 million in 2024. That is still significantly lower than 2008, when it reached $US16.2 billion, or even as recently as 2017, when it was $US10 billion. Against a backdrop of US President Donald Trump's mercurial tariff policies, Li positioned China as a force of stability in an unstable world. 'We hope that you will embrace openness and co-operation, no matter how the world changes,' Li said. 'The development of all countries is faced with new challenges. Given such circumstances, China and Australia, as important trade partners, should strengthen dialogue and co-operation.' Treasurer Jim Chalmers was noncommittal when asked last week about China's wish to speed up foreign investment reviews.
The Age
7 days ago
- Business
- The Age
Chinese premier rebukes Australia over investment
Chinese Premier Li Qiang has redoubled his demands for Australia to loosen its rules on foreign investment, warning Prime Minister Anthony Albanese at a formal meeting in Beijing that companies from the superpower expect fair treatment. Chinese direct investment in Australia has slowed in recent years amid national security concerns about overseas influence in critical industries such as infrastructure and resources. China has been pushing to lower the barriers to entry mandated by Australians Foreign Investment Review Board, which can block attempts at investment or reverse them, such as an order last year to push China-linked investors out of a critical minerals company in WA. After the pair inspected Chinese troops in immaculate dress uniforms, Li told a business roundtable attended by Albanese last night that China was seeking fairness. 'I trust that Australia will also treat Chinese enterprises fairly and also properly resolve the issues [of] market access and review,' he said. According to figures from consultancy KPMG and the University of Sydney, Chinese investment in Australia increased from $US613 million in 2023 to $US862 million in 2024. But that is still sharply down on the highs of 2008, when it hit $US16.2 billion or even as recently as 2017, when it was $US10 billion. Against a backdrop of US President Donald Trump's mercurial tariff policies, Li positioned China as a force or stability in an unstable world. 'We hope that you will embrace openness and co-operation, no matter how the world changes,' Li said. 'You should be promoters of economic and trade co-operation, so that our two countries will better draw each other's strengths and growth together. I hope the businesses will make good use of the free trade agreement between all two countries.
Sydney Morning Herald
7 days ago
- Business
- Sydney Morning Herald
Chinese premier rebukes Australia over investment
Chinese Premier Li Qiang has redoubled his demands for Australia to loosen its rules on foreign investment, warning Prime Minister Anthony Albanese at a formal meeting in Beijing that companies from the superpower expect fair treatment. Chinese direct investment in Australia has slowed in recent years amid national security concerns about overseas influence in critical industries such as infrastructure and resources. China has been pushing to lower the barriers to entry mandated by Australians Foreign Investment Review Board, which can block attempts at investment or reverse them, such as an order last year to push China-linked investors out of a critical minerals company in WA. After the pair inspected Chinese troops in immaculate dress uniforms, Li told a business roundtable attended by Albanese last night that China was seeking fairness. 'I trust that Australia will also treat Chinese enterprises fairly and also properly resolve the issues [of] market access and review,' he said. According to figures from consultancy KPMG and the University of Sydney, Chinese investment in Australia increased from $US613 million in 2023 to $US862 million in 2024. But that is still sharply down on the highs of 2008, when it hit $US16.2 billion or even as recently as 2017, when it was $US10 billion. Against a backdrop of US President Donald Trump's mercurial tariff policies, Li positioned China as a force or stability in an unstable world. 'We hope that you will embrace openness and co-operation, no matter how the world changes,' Li said. 'You should be promoters of economic and trade co-operation, so that our two countries will better draw each other's strengths and growth together. I hope the businesses will make good use of the free trade agreement between all two countries.
CNA
07-07-2025
- Business
- CNA
Australian telco Vocus receives government nod for TPG Telecom deal
Australia's TPG Telecom said on Monday that Macquarie-backed Vocus Group has secured the final approval for its A$5.25 billion ($3.42 billion) acquisition of TPG's enterprise, government and wholesale fixed-line and fibre assets. The deal, first announced in 2024, received approval from Australia's competition regulator in March, positioning Vocus as one of the country's largest owners of underground fibre infrastructure. The acquisition will allow Vocus to connect nearly 20,000 buildings across Australia. Monday's clearance from the Foreign Investment Review Board marked the final regulatory approval needed for the transaction to proceed, TPG said in a statement. Shares of TPG Telecom ended flat, while the broader ASX 200 index closed 0.2 per cent lower. ($1 = 1.5361 Australian dollars)
Sydney Morning Herald
16-06-2025
- Business
- Sydney Morning Herald
Santos backs $30b takeover from Middle East oil giant
The $30 billion takeover of Santos, one of Australia's largest gas producers, by a Middle East consortium would give a foreign state-owned company control of critical infrastructure, creating a headache for the Albanese government at a time of heightened energy insecurity. Treasurer Jim Chalmers on Monday said he would take advice from the Foreign Investment Review Board before signing off on 'potentially a very large transaction', after Abu Dhabi's national oil company and US global private equity firm Carlyle lobbed a non-binding offer for Santos. The government of South Australia, where Santos is headquartered, also said it would make sure the state's interests were served under new laws that require its energy minister to approve changes in who controls gas assets. Energy resources are in the global spotlight as Israel attacks infrastructure in Iran, Europe seeks to sanction Russia's output, and China clamps down on supplies of key minerals in an escalating trade war with Donald Trump's White House. The Santos takeover would give a company called XRG – owned by the Middle East emirate and Carlyle – control of prized liquid natural gas projects in Australia, which are crucial to domestic gas supply, as well as projects in Papua New Guinea and Timor-Leste. Loading The Pacific projects have collectively delivered billions of dollars to those governments as Australia vies to maintain influence in a region where China is increasingly active. Santos also controls oil assets in Alaska and has major gas operations in Gladstone and a huge West Australian domestic gas business, all underpinned by key infrastructure across Australia. The consortium offered $8.89 a share for Santos stock, a 28 per cent premium on last Friday's closing price of $6.96.
