and the rest of the lame duck policies in Australia's
foreign trade stable, into which we have been dragged by our Governments determination to
go along with the World Bank and the International Monetary Fund.
The Multilateral Agreement on Investment proposes that every
member of the World Trade Organisation (which includes Australia) must accord to foreign
companies full rights to establish themselves in all sectors of the economy of that
Country. Additionally, the so-called host country, 'Australia', is required to
adjust its domestic laws - and, if necessary, to repeal any existing laws and policies -
that may favour local industries at the expense of the foreign companies. This means that
any significant local company in Australia will have an axe over its head.
Since the Australian Taxation Office has admitted that it
cannot effectively collect taxes from multinationals, (see Tax
Reform) the Australian companies that will be taken over by them will effectively be,
free from tax.
The Federal Government must be 'out
of its mind' to even consider such advantages to multinational
companies over Australian companies.
There must be immediate audit of the
Foreign Investment Review Board
for allowing an alleged 90% of Corporate Australia being foreign owned. A review of
The
Foreign Acquisitions and Takeovers Act - 1975 is imperative to eliminate current areas
subject to abuse and which are contrary to the national interest.
Australia's
wealth MUST
be re-invested in Australia.
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Comments
.
THE
SOLUTION
 |
Bring
foreign ownership and investment back under control.
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|
Public
assets including WATER resources, ELECTRICITY
and COMMUNICATION facilities, PUBLIC
TRANSPORT and EMERGENCY services',
must remain in Australian ownership.
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|
We
must recognise that selling our land, our industries and our heritage, is
a direct assault upon our independence as a Nation and inevitably
compromises our ability to act in our own best interests.
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|
Capital
flowing into Australia from foreign investors must be largely put into
development of NEW industries. Currently most of this money is merely
taking over existing industries. This does not create new jobs - it
usually means a loss of jobs and revenue. This necessitates a complete
overhaul of the Foreign Investment Review Board, which must be revitalised
and re-directed.
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|
We
must consider reciprocal arrangements with foreign countries. (eg if an
Australian citizen cannot own land in a particular country, then citizens
of that country cannot own land in Australia).
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|
While
not resorting to legislation, unless necessary, we must encourage
Superannuation Funds to give preference to at least 75% in Australian
investments. In addition, to invest at least 2% of their funds in
Australian Research and Development. |
