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Thursday, 9 December 1971
Page: 4619

Mr Barnard asked the Treasurer, upon notice: :

(1)   How many overseas investors have informed the Treasury of their plans for financing nonresidential construction .in Australia , since the then Prime Minister asked that they do this in his nationally televised address to the nation -on 29th January 1971. .

(2)   Have any foreign investors sought approvals for or commenced non-residential building without first notifying the Treasury; if so, how many have done this. .

(3)   What has been the value of (a) .commencements and (b) approvals for foreign' investment, in non-residential building in each quarter since March 1969.

Mr Snedden - The answer to the honourable member's question is as follows:

(1)   and (2) On 5lh March 1971 the former Prime Minister announced in the course of a statement on. this subject that, following discussions with a number of properly developers and builders, the' then Treasurer and he had' concluded that no direct action was required by the Government at the time to reduce the rate of commencements of new office buildings. I have arranged for a copy of the statement in question to be provided to the honourable member. (3) (a) and (b) This information, is nol avail- able. However, the 'Annual Bulletin of Overseas Investment' published by the' Commonwealth Statistician provides estimates of annual- direct private overseas investment in building and construction, although these statistics tend to understate overseas investment in non-residential . construction. They do not include ..expenditures undertaken by companies whose major activity is noi building and construction or overseas investment in nonresidential construction financed by institutional _ loan raisings abroad.

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