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Thursday, 9 December 1976
Page: 3713

Mr Hurford asked the Treasurer, upon notice:

(1)   How many investment proposals have been received by the Foreign Investment Review Board since its establishment

(2)   On how many of these proposals has the Board recommended (a) acceptance, (b) rejection, (c) resubmission after revision and (d) other action.

(3)   What is the total value of these investment proposals on which the Board has recommended approval in each industry.

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

(1)   608 proposals had been received up to 31 October 1976.

(2)   The fact that there is a clearly stated policy inevitably results in many proposals not being submitted to the Government when they would be contrary to that policy, e.g., speculative investment in real estate. Also, foreign investors will generally endeavour to frame their proposals in such a way that they fall within the requirements set by the Government Furthermore, an important role of the Foreign Investment Review Board is to give guidance to foreign investors on those aspects of their proposals which may not conform with the government's foreign investment policy and suggest ways by which such proposals might be amended in order that they will do so; it is not possible to state with certainty how many proposals have been amended as a result of this aspect of the Board's role. Government decisions on the proposals referred to in ( 1 ) above have been (a) 589 accepted, (b) 3 rejected, (c) 16 other, including withdrawals.

(3)   The total indicated value of proposals processed, by broad industry groupings, are as follows-


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