SYDNEY: New Chinese investment in Australia fell by almost 50% in the year to the end of June 2019 as Beijing tightened controls on money flowing overseas, an Australian report showed on Thursday.
However, in the 2018/19 year there were tensions over allegations of Chinese interference in domestic affairs and an effective ban on Huawei from Australia’s 5G network. The FIRB said in its annual report it would work closely with the Department of Industry to screen foreign investment in rare earths, a new category of critical minerals projects.
The United States remained the largest source of approved investment in Australia, while China fell from second to fifth, ranking behind Canada, Singapore and Japan in 2018-2019.
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