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Tuesday, 6 December 1960

Mr O'CONNOR (DALLEY, NEW SOUTH WALES) - Is the Treasurer aware of recent statements by the Prime Minister of Canada and the Deputy Governor of the Bank of Canada wherein both claim that the dominant role that foreign investment has assumed in some basic industries in that country is proving most damaging to Canada's economy? Is it correct that the Australian Government is following a policy of foreign investment that appears to be similar to that followed by previous governments in Canada, and in relation to which Mr. Diefenbaker now expresses strong concern and opposition? In the light of Canadian experience of foreign investment in that country, will the Treasurer explain how Australia can hope to escape the same adverse effects on its economy when our policy on this subject appears to be similar in all respects to that which previous Canadian governments followed?

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