Today I deliver the Coalition Government’s third annual Investment Statement to Parliament.
This annual statement is to update the Parliament – and the Australian people – on our work promoting Australia as a place for productive foreign investment.
At a time when there are questions around globalisation and rising protectionist sentiment I don’t resile from liberalisation and this investment statement is an opportunity to explain why.
Australia is the world’s 6th largest landmass, with the world’s 13th biggest economy, but ranks only 52nd by population. So it’s only natural that our tremendous natural endowments generate greater investment opportunities than we can fund from our own savings.
By supplementing our savings with the savings of others from overseas, we drive more investment here at home, generating higher growth, more jobs with higher wages, and raise more tax revenue to fund, for example, our schools and hospitals, than if we only invested what we saved ourselves and shunned foreign investment.
There are many strong views in the community on the sort of investment Australia should accept. This is an important and welcome discussion and we need to engage with the range of views expressed by the Australian community.
The Turnbull Government is determined to strike the right balance to protect our national interest, while seizing opportunities to create jobs and economic growth.
Out of total stock of foreign investment (direct and portfolio), as of 2015, the major sources were the United States ($860 billion), the United Kingdom ($500 billion), the remainder of the EU ($491 billion) and Japan ($200 billion).
These trends are outlined in the Department of Foreign Affairs and Trade’s third annual International Investment Report which is released today.