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Thursday, 9 December 1976
Page: 3714

Mr E G Whitlam (WERRIWA, NEW SOUTH WALES) am asked the Treasurer, upon notice:

(   1 ) What proposals by foreign interests for investment in Australia have been sent for examination to the Foreign Investment Review Board since it was established in April 1976.

(2)   What was (a) the Board's recommendation and (b) the Government 's decision in each case.

(3)   Has the Board reported on the potential value of guidelines for the activities of foreign interests operating in Australia.

(4)   If so, on which of the matters listed by him on 1 April 1976 (Hansard, page 1287) has the Board suggested guidelines.

(5)   Has the Board advised the Government on the need for and scope of a Foreign Investment Review Act. If so, when did it do so.

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

(   1 ) Six hundred and eight proposals had been received up to 31 October 1976.

(2)   It is not the Government's practice to provide details of individual proposals. In terms of Government decisions taken, the outcome has been as indicated in Part 2 of my answer to question No. 1 540.

(3)   Yes.

(4)   The 'guidelines for the activities of foreign interests operating in Australia' referred to in my 1 April 1976 statement are covered in the guidelines for multinational enterprises which form part of the OECD Declaration on International Investment and Multinational Enterprises made in June 1976 at the OECD Council Meeting at Ministerial Level. As the honourable gentleman will be aware from my press statement of 22 June 1976, 1 associated the Australian Government with that Declaration. In these circumstances there is no need for additional guidelines for foreigncontrolled businesses operating in Australia.

(5)   No.

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