Rudd’s bid to increase competition
Chris Bowen
The Federal Government will alter foreign investment policy to increase competition across the economy, Assistant Treasurer and Minister for Competition Policy and Consumer Affairs Chris Bowen confirmed today.
Under the new rules, the timeframe for the development of vacant commercial land will be extended from 12 months to five years.
“The current time limit on foreign investors discourages new competitors from entering the market and prevents some existing competitors from expanding their business because they cannot secure forward purchases of land in growth areas and ‘Greenfields’ sites,” Bowen said.
The changes come as a response to concerns that 12 months is insufficient time to complete the statutory and commercial processes required to enable development to commence.
“The Rudd Government believes that a five year limit strikes the right balance between encouraging competition while preventing foreign investors from land banking and speculating.
“This reform creates a more level playing field and pulls down the barriers to entry to foster competition,” he said.
AUTHOR
George Liondis
Recommended for you
Wealth Data has revealed the top five licensees for financial adviser growth over the September quarter, with more than 150 advisers joining in Q3 overall.
Former Sydney financial adviser, David Valvo, has pled guilty in court to a charge of dishonest conduct.
Building a network of mentors and coaches with varied skill sets could help women achieve their career goals, according to an FBAA executive.
AMP has reported its Q3 results and provided a progress update on the divestment of its advice division to Entireti.
