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Abbott and Joyce at odds on China's interest in CSR

14 Jan, 2010 06:22 AM
TONY ABBOTT and Barnaby Joyce might be in fierce agreement on the futility of an emissions trading system, but they are not finding it so easy to present a single message on other issues.

The Opposition Leader and his finance spokesman yesterday voiced contrasting opinions on foreign investment and private health insurance.

Senator Joyce, appointed by Mr Abbott to the finance post and therefore bound to accept shadow cabinet positions, came out swinging against Chinese interest in the sugar and renewable energy assets of CSR.

While Mr Abbott played a straight bat to questions on the interest in CSR, Senator Joyce hit out at the supposed leniency of the Foreign Investment Review Board in scrutinising these types of deals. Local farmers could be ''held over a barrel'' without an alternative refiner to sell their sugar to, Senator Joyce said.

Yesterday Mr Abbott faced questions whether there was a split between him and Senator Joyce on whether to back the Government's plan to block high-income earners from the private health insurance rebate.

''It is a very strong position of the Coalition that we don't support the Government's proposal to means test the private health insurance rebate,'' Mr Abbott insisted.

But Senator Joyce said he would be open to considering means testing the policy, but only if the public hospital system was strong enough to cope with patients moving out of private health care.

The Government is keen to capitalise on any Coalition fracture. ''It's now clear that the Liberals are content to simply make up economic policy as they go along,'' said a spokesman for the Treasurer, Wayne Swan.

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Barnaby is spot on to raise concerns over Chinese investment. Buy outs by OECD based companies do not expose us to the whims of their home government. Our shareholders and Super funds can also take cross shareholdings in the parent company to retain a share of the larger entity. You cannot take cross shareholdings in any government. So the problem is not the fact that the company might be Chinese, nor is it the fact that Chinese companies are owned by a communist regime. The problem lies in any foreign government ownership of private Australian wealth. And that core issue is not helped by the Chinese governments inability to distinguish between corporate interests and government interests in the Stern Hu case. If the simple gathering of market information can be classed as espionage then we need to take a much more careful look at what sort of investment is consistent with OUR standards.
Posted by Ian Mott, 15/01/2010 9:43:37 AM, on Queensland Country Life

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Nationals Senate Leader Barnaby Joyce.
Nationals Senate Leader Barnaby Joyce.
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