phb: Sims is correct. We are where we are now because of the past action - inaction of the FIRB.
Too often the FIRB has been slow to act in the national interest, similarly ASIC.
Never forget the end result of unregulated “competition” is monopoly, and I fear we are headed that way because political parties love donations…
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What about all the onshore mergers and takeovers? I can’t see how it is the FIRB at fault for all of them.
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To syncretic: Re onshore mergers/takeovers, if these involve Australian registered companies (even if they are subsidiaries of foreign corporates) I’m not sure such takeovers/mergers would involve the Foreign Investment Review Board. Perhaps you can check and advise us all ?
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Another view of the Sims speech.
The list of Australian markets dominated by a few large firms is long, including banking, supermarkets, insurance, electricity and gas retailing, domestic air travel, pathology testing, mobile phones and internet service providers, not to mention internet search and social media platforms.
It may surprise you that, contrary to what happens in other advanced economies, companies seeking to merge don’t need permission from the ACCC, the Australian Competition and Consumer Commission.
Now, if you’re sitting down, I’ll tell you something that will amaze. Jennifer Westacott, chief executive of the Business Council of Australia, can’t see what the fuss is about. She fears the proposed changes would be “another blow to investment”. (By which I assume she means businesses “investing” in the takeover of other businesses.)
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