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Tuesday, 17 February 1987
Page: 15

(Question No. 1387)

Senator Siddons asked the Minister representing the Treasurer, upon notice, on 23 September 1986:

(1) Can the Government give an assurance that the foreign investment guidelines will not be further weakened.

(2) Will the Foreign Investment Review Board be kept intact and operative.

Senator Walsh —The Treasurer has provided the following answer to the honourable senator's question:

(1) & (2) As I announced in July 1986, the Government will continue to monitor the impact of foreign investment policy and will make further changes as and when appropriate.

Over the past two years, the policy has undergone significant relaxations. The changes are intended to facilitate further worthwhile foreign direct investment in Australia and have involved both a liberalisation of the foreign investment policy criteria and a streamlining of procedures.

The honourable senator can be assured that any further changes to the policy would be made with the best interests of the Australian community in mind. There are no plans to abolish the Foreign Investment Review Board.