The Future Made in Australia Act, a key element of the government’s budget centrepiece, will see changes designed to attract foreign capital and boost economic prosperity. The Act will also allow foreign investors to buy established build-to-rent properties to drive demand and construction. Treasurer Jim Chalmers will reveal the changes on Wednesday as part of the Future Made in Australia Act, which he believes is needed to safeguard economic and national security.
The Act will focus on attracting and deploying investment from the private sector, working alongside the billions in government grants, loans, and equity funding. The Act will outline five criteria that projects must meet in return for support: the industry must be one in which Australia can compete and be more productive; it contributes to an orderly path to net-zero emissions; it can build the capabilities of people, especially in the regions; it will improve Australia’s national security and economic resilience; and it recognizes the key role of the private sector and delivers genuine value for money for the government.
The changes to the Foreign Investment Review Board process will involve two elements: faster processing and less red tape. First, there will be streamlining to ensure known entities enjoy reduced wait times and compliance costs. Second, more robust arrangements will be implemented to scrutinise complicated or higher risk proposals. The Act will detail two streams for support: a national interest stream where domestic sovereign capability is necessary to protect national security interests or ensure the economy is sufficiently resilient to shocks, and a net-zero transformation stream in which industries support decarbonisation and have a reasonable prospect of a self-sustaining comparative advantage.
It will scrutinize Chinese investments that are considered strategic, such as infrastructure. But it appears to have opened a giant loophole through which Chinese influence was previously peddled in the nation’s parliaments.
Through real estate investments that will be sold as part of the solution to Albo’s rental catastrophe.
This was the area that was most corrupt and integrated with United Front activities in the last cycle. Who can forget Huang Xiangmo, the property developer? The millions he poured into university corruption, Bob Carr, Sam Dastayari, and Labor more broadly via Aldi bags of cash were central to China’s attempt to occupy Australia peacefully.
He was eventually unilaterally exiled.
Now, his brethren in the United Front will be back at the beck and call of a Labor Government that has completed its pivot back to Chinese influence in diplomacy, trade, and investment.
