Australian treasurer clarifies foreign investment rules
Updated
Australia's federal treasurer has delivered what he has described as a major speech on foreign investment, in which he has sought to clarify Australia's investment regime.
The treasurer, Wayne Swan, recently rejected reports that the government was trying to delay deciding whether to allow the Chinese state-owned iron ore buyer, Sinosteel, to buy a stake in a West Australian iron ore miner.
He has told an Australia-China Business Council lunch that Australia's approach to foreign investment is opening and welcome, but there are particular cases which require extra scrutiny.
"We will look very closely at those situations where the buyers of our resources seek to control the resources companies," he said.
Me Swan says cases in which the commodity-buyer's stake in a company grows to the point of control over pricing and production must be examined closely.
