WE HAVE problems as a nation if our reaction to last week’s foreign register is anything to go by. Essentially, the whole discussion went straight to the fact that China wasn’t the biggest investor. For many, this was a great relief, as if for some reason it’s okay for other foreign investors to own as much as they want, just as long as China isn’t on top.
This just goes to show that on the whole, we are a narrow-minded bunch with our heads in the sand on the real issues. We still have no goal for foreign investment other than to prop up the price of farms for retiring farmers or to raise capital because Australians have no confidence in their own industries.
We don’t need to ban foreign investment, we just need a plan.
When are we going to consider food security, access to a career in farming, or how we might better direct foreign dollars to sectors where they can help create a future for Australians.
There are numerous potential industries that could benefit from investment in processing and supply chain development. Our established industries could also benefit with some well-targeted spending.
But that’s the issue – we haven’t identified the targets, or the limits. We have seriously failed thus far in taking the conversation beyond a tit-for-tat on whether people are with the pro or anti team. It’s an opportunity we’re failing to grasp.
The Treasurer’s role as wicket keeper should have a team with a strategy working with it, so with little more than national interest to go on, the team’s only strategy is essentially a blocking play.
This is because too much of the discussion so far has been based on fear – “investors will shy away”, or “we’ll lose control of our supply chains”. The reality is we’ve never really had control because we don’t know what we’re trying to do other than snag a few dollars.
This discussion needs a new “spin” to help direct the foreign investment dollar so that when the initial winning streak from that capital injection has passed, our own form doesn’t slump.
A more transparent foreign register should be seen as a good recruit to the team, not as bad sportsmanship that makes our investors walk away with their bat and ball. And most of all, we need a plan.
