The Northern Territory news Thu 7 Apr 2022
NT news
The Northern Territory news; NewspaperNT
2022-04-07
English
Community newspapers -- Northern Territory -- Darwin.; Australian newspapers -- Northern Territory -- Darwin.
News Corp Australia
Darwin
application/pdf
Copyright. Made available by the publisher under licence.
News Corp Australia
https://www.legislation.gov.au/Details/C2019C00042
https://hdl.handle.net/10070/869399
https://hdl.handle.net/10070/869663
Thursday April 7 2022 BUSINESS 25 V1 - NTNE01Z01MA TERRY McCRANN THE appointment of a second successive intelligence insider to chair the regulatory gatekeeper of foreign investment in Australia makes it blindingly clear that such big investment deals are now seen as being all about national security and thats about three big threats: China, China and China. OK, it would also cover any proposals by Russians or North Koreans whether the governments directly or individuals/companies masquerading on behalf of those governments to invest in Australia or buy Australian assets or companies. But I think I can confidently say, we aint going to see any proposals coming from those two directions anytime soon. Indeed, I really cant see China Inc rushing to pour investment billions into Australia either, anytime soon. But if they try, we are ready to assess. In the dying days of the Morrison Coalition government, Treasurer Josh Frydenberg has appointed former ambassador Bruce Miller as chairman of FIRB, the Foreign Investment Review Board. He succeeds another fellow former ambassador David Irvine who died suddenly a week ago. His death was certainly sudden: it was only in December that Frydenberg had extended his term as chairman by another two years. More pointedly than their careers as ambassadors, both Irvine and Miller subsequently developed into spooks Irvine as head of ASIS and then ASIO; Miller as deputy and then head of ONA, the Office of National Assessments. These appointments underscore a fundamental shift in the role and dynamic of FIRB, which since the mid-1970s has been assessing and then advising the Treasurer on behalf of the government on any foreign investment proposals that might not be in the national interest. For most of that time, national interest has been essentially considered in financial and economic terms. Would the economic and/or financial costs outweigh the benefits of the investment? The biggest case was the rejection in 2001 by Treasurer Costello of Shells proposal to take over Woodside on the basis it would put control of a major part of our natural gas reserves in the hands of a global oil giant which could then preference its own developments ahead of Woodsides. An interesting proposed deal seven years later, which fell over before it got to FIRB, would have seen a Chinese company Chinalco take a commanding, arguably controlling, position in Rio Tinto and our biggest and richest, then and still, iron ore mines in the Pilbara. That proposal effectively a bailout of Rio in November-December 2008 by China Inc, in the white heat of the GFC would have gone to then-Labor treasurer Wayne Swan. Although a very proChina Kevin Rudd was still riding high as PM, he very definitely and very Ruddlike did not welcome the proposal; but in any event it fell over almost immediately it surfaced. We can now see even more clearly that such a deal would have been utterly disastrous for the national interest financial, economic and national security. Despite that and other investment proposals from Chinese companies some of which were rejected on national security/interest grounds the political mindset was still that FIRB should be headed by someone with financial expertise. In 2012, the Labor government appointed investment banker Brian Wilson to succeed former Reserve Bank deputy governor John Phillips and it was Wilson who Irvine succeeded. With FIRB, the actual analytical work is done by Treasury plus, more recently, the security agencies, as the focus has shifted to national security. But it does now raise the question of whether normal investment proposals that raise complex commercial, financial or economic issues like Shell and Woodside will get effective scrutiny. Why national security now foreign cash focus pet parents through greater product choice and better services really resonated with us as dog parents. Other athletes who have invested include cricketers Moises Henriques and Rachael Haynes, AFL players Toby Greene, Phil Davis, Josh Kelly and Taylor Adams, NRL players Cam Murray and Angus Crichton, and soccer player Stefan Mauk. They made the investments through Athletic Ventures, an investment syndicate for former and current elite athletes founded by GWS Giants midfielder Matt de Boer. Mike Frizell, Pet Circles cofounder and chief executive, said the Athletic Ventures investment, which forms part of Pet Circles Series C $125m funding round, would be used to accelerate Pet Circles growth plans, including a 24 hour, seven day-a-week free Vet Squad service. Pet Circle is now valued at more than $1bn. Were excited to have a group of great Australian athletes, many who are pet parents, join our Pet Circle family, Mr Frizell said. Just like these athletes, we want to be the best in the field and well do this by providing outstanding pet services and supplies. Sports stars back unicorn Pet Circle Pet Circle founder Mike Frizell. Picture: John Appleyard *This offer is for Full Digital Access + Weekend Home Delivery to be billed $1 for the first 28 days. At the end of the initial 28 days, subscription will renew to $30 (min. cost) billed approximately 4 weekly. Renewals occur unless cancelled in accordance with the full Terms and Conditions. Each payment, once made, is non-refundable, subject to law. Not in conjunction with any other offer. New customers only. Home Delivery is not available in all areas. Allow up to 5 days for home delivery to commence. Prices after the introductory pricing period may be varied in accordance with the full Terms and Conditions. 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