Australian Prime Minister Morrison and Treasurer Frydenberg comments - the news conference has been going on a while but there is nothing much of note in it that has shifted the forex around much.
FWIW:
Morrison
- says foreign investment in Australia must be on our terms and on our rules
- new foreign investment rules will protect Australia's interests
- coronavirus has had a massive hit on revenue side of the budget
- asked about tensions with China, says investment reforms should not add to them
- says very much in favour of safe travel zone between Australia and New Zealand
Frydenberg
- says foreign investment critical to our economic prosperity
- to create new national security test for foreign investment
- says new rules to cover telecoms, energy, utilities, defence supply and data
- will be able to impose conditions, force divestment in special cases
- to streamline approval process for passive investments by foreign government funds
- says investment reforms are most significant in 50 years
- have informed some our key partners about these reforms
Australian Prime Minister Morrison
