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Tuesday, 27 March 1973
Page: 685


Mr MARTIN (BANKS, NEW SOUTH WALES) - Has the Acting Treasurer seen reports to the effect that the recent measures relating to foreign investment in this country have acted mainly to deter fixed interest lending rather than equity investment? As equity investment is far more significant in terms of the establishment of foreign ownership and control of Australian industry and resources, does he think that these reports indicate that some reconsideration of these measures is called for?


Mr HAYDEN - The purpose of the controls on the inflow of foreign capital in fact was to control the amount of liquid funds coming into the country from external sources. It was not to control the degree of foreign ownership of Australian enterprise; that would require different measures altogether. If the honourable member is suggesting that there should be a development of policies in that direction, I suggest that the matter should be left until the return of the Treasurer, who is responsible for the enunciation of policy in this area.







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