Indonesian Vice-Minister of Trade Bayu Krisnawurthi wants to see greater Indonesian investment in Australia’s primary industries, including owning cattle stations, as part of closer beef-industry ties between the countries. Speaking at the IndOz Beef Investment and Trade Forum in Brisbane Mr Krisnawurthi said the suspension of the live-cattle trade between Australia and Indonesia in mid-2011 had led to a loss of trust of Australian industry in Indonesia.
Toronto-based Barrick Gold Corp has said it will sell three Australian mines to fellow miner Gold Fields Ltd for about $US300 million. Barrick said Gold Fields will purchase its Yilgarn South assets however the sale is subject to clearance by Australia’s Foreign Investment Review Board.
Sydney Airport will raise the foreign investment cap from 40% to 49%, as part of a move to simplify its ownership structure. This move will open the now 100% publicly-listed company to more foreign investment. Currently, 26% of Sydney Airport is owned by foreign investors, including some of the world’s largest pension funds.
Asian tycoon Goh Geok Khim’s Singapore-listed investment company has taken a near half stake in top Australian residential aged care services player Domain Principal Group. G. K. Goh Holdings Limited unveiled the deal to take a 47.62 per cent equity stake in Domain with the interest being bought for $136.7 million from two trusts run by AMP Capital.
Despite the fact that Chinese direct investment accounts for less than 3 per cent of total annual foreign direct investment (FDI) in Australia, some political players continue to exploit fears about China for electoral gain, and are talking about tightening the settings governing foreign investment. However on balance, there is an acceptance of Chinese FDI in Australia among much of the population, so long as certain commitments and conditions are met by potential acquirers.