Gas exports starve local firms, jobs: ACCC

Australian factories are at risk of shutting down and sacking workers as the nation’s gas exporters starve local customers in favour of overseas clients, according to a dire warning from the competition watchdog that clears the way for a gas crackdown. The Australian Competition & Consumer Commission slammed the three gas giants in a clear…

Chinese investment in real estate grows to $32b: FIRB

Chinese investors topped the list of foreign investment approvals for the financial 2016, and have pledged to invest $47.3 billion in Australia, mainly in real estate, the latest Foreign Investment Review Board annual report shows. The figure is similar to the previous year when $46.6 billion in approvals was awarded to Chinese investors. Of China’s…

Foreign investment jumps 29 per cent to $248 billion last year

Victoria has emerged as the focus for overseas buyers of Australian homes, attracting 44 per cent of residential purchases by foreign investors last financial year. NSW, with 32 per cent of residential home purchases, was the second most popular state for an inflow of foreign property investment, according to the Foreign Investment Review Board’s 2015-16…

What Chinese are buying in Australia

THE Chinese continue to pour money into Australian businesses, infrastructure, resources and real estate to the tune of $15.36 billion in 2016. The figure is the highest it’s been since 2008 when Chinese direct investment reached its peak of $21.6 billion, according to a report from KPMG and the University of Sydney. Commercial real estate…

FIRB approve $4b sale Alinta energy to Chinese

Ownership of Alinta Energy will switch to Chinese interests by the end of the month after the gas retailer’s $4 billion sale to a conglomerate better known for its jewellery stores and hotels won the all-clear from the Foreign Investment Review Board. Days after it gave the nod to Hong Kong billionaire Li Ka-shing’s $7.4…

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…

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…

How Australia is being screwed over its gas

AUSTRALIA is “swimming in gas” but ordinary citizens are not benefiting from this precious resource. Recent warnings of a coming gas shortage has exposed what a raw deal Australia has when it comes to its own resources. As energy analyst Bruce Robertson told news.com.au last week, Australia has been “uniquely stupid” in allowing companies to…