Corrupt foreigners buy Australian property

Anti-corruption group Transparency International has named Australia as one of the main countries in which corrupt government officials from overseas can buy real estate by exploiting legal loopholes. The group identified “severe deficiencies” in local rules designed to stop illicit funds flowing into property that put Australia in breach of its commitments to tackle corruption…

Door opens for foreign state firms

Foreign state-owned businesses could escape the scrutiny of the Foreign Investment Review Board for deals worth up to $100 million, under a proposal being considered by Treasury. Treasury estimates that about 300 deals would be waved through each year without FIRB involvement if ­notification were made optional. The concession would overturn a longstanding policy that…

Chinese communist party steps up university influence effort

The Chinese Communist Party had escalated its campaign to ­influence Australian universities at the same time as University of Technology Sydney academic Chongyi Feng was being interrogated in China. As recently as last week, in the days before Dr Feng was interviewed by Chinese officials, the head of a Chinese government ­department aimed at influencing…

LNG investors may want compensation to divert gas to local market

The theory that investors in the Queensland LNG projects may want compensation if they are forced to divert gas into the local market has strengthened after Santos chief executive Kevin Gallagher said the GLNG partners had a right for their investment to be protected. Mr Gallagher pointed to a “value impact” for the partners in…

Libs looking to Asia to build new coal-fired power station in north Australia

The Turnbull government has opened talks with Asian investors to build a coal-fired power station backed by its $5 billion northern Australia fund, as half the nation’s voters endorse the use of taxpayer funds to develop the project and improve energy security. Resources Minister Matt Canavan is fast-tracking the plan amid a growing fight with…

Libs looking to Asia to build new coal-fired power station in north

The Turnbull government has opened talks with Asian investors to build a coal-fired power station backed by its $5 billion northern Australia fund, as half the nation’s voters endorse the use of taxpayer funds to develop the project and improve energy security. Resources Minister Matt Canavan is fast-tracking the plan amid a growing fight with…

China trade deal adds $400 million to beef exports

Beef exporters are set to gain an additional $400 million a year as a result of a new trade agreement with China which makes Australia the first and only country to have full market access for chilled beef into the Asian megamarket.The agreement was one of a number signed by Australia and China during the…

Chinese company lined-up to build $6b Balla Balla project

The company behind a proposed $6 billion iron ore project in the Pilbara has signed an agreement with a Chinese company to build the port and rail component.BBI Group announced today it had signed a memorandum of understanding (MoU) with China State Construction Engineering Corporation (CSCEC) to build the infrastructure for the Balla Balla project,…

Chinese premier warns Australia ‘taking sides’ could lead to new cold war

The Chinese premier, Li Keqiang, has warned China does not want to see a new cold war, emphasising that throughout his country’s history, peace has “always been the most precious thing”. With increasing tensions in the South China Sea a significant backdrop to his visit to Australia, Li told parliamentarians in Canberra on Thursday that…

Foreigners buying up quarter of all new homes NSW and Victoria

A quarter of all new homes in NSW are being bought by foreigners, with almost 80 percent of them Chinese. Foreign spending on new housing in NSW and Victoria is running at an annualised rate of $8 billion a year, according to a research note from Credit Suisse. The bank said the rate in NSW…

Sheikh refuses access to NT property

A BILLIONAIRE sheikh Hamad bin Hamdan Al Nahyan from the royal family in the United Arab Emirates — who made his fortune through oil — has refused the exploration attempts of an oil and gas company on his pastoral property in Central Australia. The actions have raised questions regarding the right of veto being sought…