The attention being given to possible covert influence being exercised by China in Australia shouldn’t distract us from recognising that very overt foreign influence now occurs through investment.
According to my analysis, all four of our big banks are majority-owned by American investors. The Commonwealth Bank of Australia, the nation’s biggest company, is more than 60% owned by American-based investors. Nonetheless, under so-called investor-state dispute settlement clauses, which the US government has systematically pushed in its trade deals with other nations, US corporate investors are getting unprecedented rights in foreign markets.
There are arguably good grounds to include ISDS clauses in free-trade agreements, but the potential downside is exemplified by the case of tobacco giant Philip Morris, which challenged Australia’s plain-packaging laws for cigarette packs. Under ISDS clauses, though, private investors don’t have defensive interests. States cannot commence proceedings against them. They can attack with adventurous legal arguments, and not worry about defending themselves from those same arguments down the road.
Well, would you rather live in America or China where you are not free.
If it were majority owned by China there would be a huge outcry. That it’s Americans is no better. Australian banks should not be allowed to be majority owned by foreigners due to the power to destroy our economy
Capitalist influence in government is why democracy is an illusion... You forget to include the media, which works in tandem with corporate influence. Political donations/bribery by corporate and other influential people should be a crime against democracy!
But Australians can’t have 5g because it says Made in China
So why are has the govt been protecting them
No different to an Australian with an offshore company
whiteswine Don’t forget that they provide significant in-market opportunities for colonists looking to develop their skills as overseers.
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