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Foreign investment proposal



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NO. 93

TREASURER

EMBARGO

STATEMENT BY THE TREASURER, THE HON JOHN HOWARD, MP

FOREIGN INVESTMENT PROPOSAL AVIS RENT-A-CAR

The Government has given approval under foreign investment

policy for the joint acquisition of Avis Rent-A-Car Systems

Pty Ltd from Ansett Transport Industries Limited by Burns

Philp and Company Limited and Avis Inc of the US.

. Following implementation of the proposal, Avis Rent-a-Car

will be jointly owned and controlled by B u m s Philp, a

major Australian company with interests in transport, and

Avis Inc, which operates rent-a-car businesses worldwide ,

Burns Philp and Avis Inc already operate a number of car

rental joint ventures in the South PacificĀ·

The Government considered that the proposal was not

inconsistent with foreign investment policy in view of the

partnership between Burns Philp and Avis Inc and the benefits

which could arise from Avis Inc’s worldwide links with the

tourist and travel industry and its expertise in rent-a-car

operations. The Government also noted that the car rental

industry would remain predominantly Australian-owned and

controlled, .

2

In considering this proposal the Foreign Investment Review

Board and the. Government gave careful consideration to the

views of third parties. . *

CANBERRA ACT 29 Jul 1980