ScoMo’s hedge fund mates to run Australian borders

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Yes, it’s border security Coalition style, via The Australian:

Liberal Party heavyweight Scott Briggs — a close friend and ­political ally of Scott Morrison and a former professional colleague of new Immigration Minister David Coleman — is driving a bid to win a visa-­processing contract understood to be valued at up to $1 billion.

…According to their respective CVs, Mr Briggs — the chief executive of Pacific Blue Capital, which holds a 19 per cent stake in the Australian Visa Processing consortium — worked with Mr Coleman at PBL Media and Nine Entertainment Co across a six-year period. A spokesman for Mr Coleman, who received the immigration portfolio in the Morrison ministry, attempted to deflect his involvement in the process, saying it was not “within his area of ­responsibility”.

…The Australian Visa Processing consortium brings together a range of groups including Ashok Jacob’s Ellerston Capital, PwC, Qantas Ventures and Pacific Blue Capital. Former Foxtel chief executive Peter Tonagh heads the consortium, with Mr Jacob serving as chair.

So, a gaggle of hedge funds and private equity are to take control of Australia’s borders.

What could possibly go wrong?

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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.