Andrew Robb (Goldstein, Liberal Party, Minister for Trade and Investment) Share this | Hansard source

Since the first fleet Australia has relied heavily on foreign investment to drive growth and jobs. However, recently one criticism of important Chinese investment is that it is all one way—that Australian companies cannot invest in China. The free trade agreement concluded last week has seriously begun a process to change all that. Of course, in industrial areas 100 per cent Australian ownership and investment has been possible for some time. For example, BlueScope Steel has got eight wholly owned Australian factories across China in Colorbond and is doing very well.

Importantly, however, the free trade agreement opens up such investment opportunities to a wide range of services where Australia excels. For example, Australian aged-care companies will be able to establish one or many aged-care homes, own 100 per cent of these profit-making facilities and take key members of their staff with them under the reciprocal labour arrangements that have been agreed. Similarly, Australian private hospital owners will be able to construct, fully own and operate hospitals across China and also qualify to take advantage of the reciprocal labour mobility agreement. Wholly owned Australian telecommunications companies will be able to supply Chinese domestic multiparty services as well as participate in joint ventures with up to 55 per cent equity to supply online data and transaction processing services. The wholly owned Australian provision of restaurant and hotel owners, travel agencies and tour operators, contract manufacturing services covering a very wide range of manufactured products and Australian construction companies will be exempted from business scope restrictions, allowing them to take a wider range of commercially meaningful projects.

Mr Conroy interjecting—

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