- Finite & Non-Renewable Resources
- Housing Affordability
- Privatisation & Public Assets
It is a myth to suggest that Australia needs any foreign ownership or large-scale 'foreign investment'. 80 per cent of total investment capital in Australia's economy is local, but too much of it is being 'misallocated' into relatively unproductive assets like housing
"What the AFR’s phrase 'capital-importing Australia' obscures is that about 80 per cent of new capital deployed in Australia each year is formed right here. ABS data show that in the 12 months to March, new capital accumulated in Australia totalled $350 billion. Of that, $75 billion was imported." The New Daily
Our Housing and Economy policies address this issue of capital misallocation.
Ownership of land is not necessary for a foreign entity (e.g. retail store or product importer) to conduct business in Australia. Land can be rented or leased, as many Australian businesses do. Permitting foreign ownership of land causes land values to be inflated, increasing costs of production and costs of living for Australians. Agricultural, industrial and urban development can be financed partly by foreign (though preferably local) debt-raising, rather than majority equity sale.
Ensure that all foreign investment is in the long-term national interest, while stopping further foreign ownership.
Policy Methods (Federal)
To help achieve this Sustainable Australia Party will:
- Clearly differentiate between foreign investment, being minority ownership, and foreign ownership, being majority ownership
- Ban further foreign ownership and limit future foreign investment to a maximum of 25 per cent of any Australian natural resource asset, including land, water, minerals and energy resources
- Ban further foreign ownership and limit future foreign investment to a maximum of 25 per cent of any Australian residential housing or commercial property, or land for residential housing or commercial development (also see Housing Affordability policy)
- Regain public ownership of natural monopolies and other critical infrastructure that significantly impact on national security such as ports and airports (also see Privatisation & Public Assets and Defence policies)
- Determine a clearer definition of the national interest, with public consultation, and maintain a strict and long term interpretation of the national interest when assessing foreign investment proposals. To determine a clearer definition of the long term national interest, Australia should hold a national enquiry into the long term costs and benefits of foreign investment, foreign ownership and ‘free trade’ agreements, including impacts on our environment, local production (offshoring), local jobs, taxation revenue, inflation, balance of trade, foreign debt, profit flows and sovereignty
"About 4192 direct and indirect jobs and $484 million in tax revenue has been lost through the offshoring of four projects in recent years." The New Daily
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