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Thursday, 9 December 1976
Page: 3713

Mr Uren asked the Treasurer, upon notice:

(1)   What instructions have been given to the Foreign Investment Review Board to enable them to follow the Government's investment guidelines.

(2)   What applications for foreign investment considered by the Review Board have been accepted.

(3)   What is the level of Australian ownership in each case accepted by the Review Board.

(4)   Who is the major foreign investor in each proposal accepted, and which interest will exercise majority control over each enterprise.

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

(   1 ) The Foreign Investment Review Board is required to advise the Government on foreign investment matters, in accordance with the Government's policy as outlined by me in a statement to the House on I April 1 976.

(2   ) See part 2 of my answer to the question No. 1 450.

(3)   It is not the practice of the Government to provide details of particular proposals. In aggregate terms, of the 589 proposals accepted, 86 represent investments by Australian resident abroad who intend returning to Australia and foreign persons intending to migrate to Australia. Of the remainder, Australian participation achieves control or shared control in 104 cases. However, of the 10 largest proposals, which account for almost 70 per cent of the total value, 6 cases involve Australian or equally shared control.

(4)   Information on individual proposals is confidential and cannot be made available.

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