Abbott hoses his own fire on FDI

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From the AFR:

Tony Abbott has attempted to draw a line under Coalition infighting over foreign investment, warning his colleagues against complacency and reminding them that “we all support foreign investment”.

Debate about the sale of Cubbie Station, which is worth up to $275 million, has raged since late August when Treasurer Wayne Swan approved the purchase of the massive property by a Chinese-led consortium.

The approval triggered a split in Coalition ranks led by outspoken Nationals Senate leader Barnaby Joyce, who initially spoke out against the sale and a furious response from senior Liberals, led by shadow treasurer Joe Hockey, who strongly support foreign investment and criticised Senator Joyce’s “freelancing” on the issue.

Mr Abbott reminded the joint party room on Tuesday that “we have to show that we are the adults in the room” and that the Coalition supported foreign investment.

Abbott is right. But sadly it was he that fired off this tantrum when he went to Beijing and uttered the most childish words I can recall in the recent history of Australian foreign policy. If this is his real view then bravo but one wonders why he flew to Beijing and told the Chinese to keep their cash.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.