Worried about agents of foreign influence? Just look at who owns Australia's biggest companies

The attention being given to possible covert influence being exercised by China in Australia shouldn’t distract us from recognising that very overt foreign influence now occurs through investment.

According to my analysis, all four of our big banks are majority-owned by American investors. The Commonwealth Bank of Australia, the nation’s biggest company, is more than 60% owned by American-based investors. Nonetheless, under so-called investor-state dispute settlement clauses, which the US government has systematically pushed in its trade deals with other nations, US corporate investors are getting unprecedented rights in foreign markets.

There are arguably good grounds to include ISDS clauses in free-trade agreements, but the potential downside is exemplified by the case of tobacco giant Philip Morris, which challenged Australia’s plain-packaging laws for cigarette packs. Under ISDS clauses, though, private investors don’t have defensive interests. States cannot commence proceedings against them. They can attack with adventurous legal arguments, and not worry about defending themselves from those same arguments down the road.

Well, would you rather live in America or China where you are not free.

If it were majority owned by China there would be a huge outcry. That it’s Americans is no better. Australian banks should not be allowed to be majority owned by foreigners due to the power to destroy our economy

Capitalist influence in government is why democracy is an illusion... You forget to include the media, which works in tandem with corporate influence. Political donations/bribery by corporate and other influential people should be a crime against democracy!

But Australians can’t have 5g because it says Made in China

So why are has the govt been protecting them

No different to an Australian with an offshore company

whiteswine Don’t forget that they provide significant in-market opportunities for colonists looking to develop their skills as overseers.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Companies are being pressured to be politically correct: Gerry Harvey | Sky News AustraliaSuperannuation companies are 'pressuring' businesses like Harvey Norman to adopt 'politically correct positions' according to Australian entrepreneur and businessman Gerry Harvey. \n\nMr Harvey told Sky News large super funds 'will not invest' in his company unless he changes his corporate practices.\n\n'Every week or two or three I get a letter saying 'you don't meet the requirements, and you rank very low on all the tick the boxes, so this doesn't allow us to buy shares in your company and would you please rectify this situation,'' he said. 'So I generally just put the letter in the garbage.'\n\nHe said pressure groups with small constituencies, like the 'nobody group the Sleeping Giants' like to put pressure on large companies. You mean like not supporting nut jobs like jones who hate women and sprout bullshit about scientists making stuff up. That could be a good reason for companys not to invest in assholes running appliance monopolies. Why an aussie would buy a stove off you is beyond me. Harvey is a social dinosaur Super firms don’t have a clue. Hence they cannot best the index. Keep slapping them down Gerry 👍
Source: SkyNewsAust - 🏆 7. / 78 Read more »