More here ... https://www.news.com.au/finance/economy ... 3ae8f667eeAustralia will introduce a tough new national security test for foreign takeovers that is set to inflame relations with China.
The decision follows a dramatic increase in the number of foreign investment bids probed by Australia’s spy agency ASIO, over fears that China was spying on sensitive health data.
After weeks of increasingly shrill threats from China to slap new tariffs on Australian exports, the Morrison government will outline new powers to force foreign companies to sell their assets if they pose a national security threat.
But the new laws will not be retrospective, and as a result will not empower the Morrison Government or future governments to take action over China’s controversial control of key Australian infrastructure, including the Darwin Ports.
The crackdown follows an indefinite restriction slapped on foreign investment bids in March, after several Chinese-owned companies in Australia were linked with exporting tonnes of medical supplies and shipping them back to China.
These temporary measures to the foreign investment thresholds will remain in place for the duration of the coronavirus crisis and until the new proposals are legislated.
But the Morrison government insisted the new reforms, which will include extraordinary new powers for the Treasurer to force foreign companies to divest their assets, do not relate to the coronavirus pandemic.
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“It is vital that the government have the ability to call in an investment before, during or after acquisition for review if it raises national security concerns.”
The reforms follow a power struggle within the public service between the “two tribes” of the public service mandarins in Treasury and the Department of Foreign Affairs, who are regarded as pro-foreign investment, versus the national security agencies that have grown increasingly concerned over Chinese foreign influence and investments in Australia.
It's a start but it's not enough. Darwin Port and other strategic assets need to be taken back from the Chinese.