- Originally posted by APerry:
If foreign investment is bad for an economy, why do so many governments promote it? What you have stated is the case whether its is resedential property, commercial property or businesses that are being invested in.
The Australian Government restricts investment in property. That is the purpose of the Foreign Investment Review Board. The properties permitted increase job creation. At the same time, they encourage investment in business. What is the difference you ask???
The latter establishes additional infrastructure, jobs, wages and increased cashflow in the immediate area and overall economy. Profits tend to be reinvested within Australia as well. A business is also less likely to close down and ‘take profits’ as this usually only occurs when they are not making money.
Can you imagine what would happen if foreign ownership of land was permitted in Indonesia? There would be absolutely nothing left for the locals and prices would sky-rocket.
Robert Bou-Hamdan
Mortgage Adviser“The Australian Government restricts investment in property. That is the purpose of the Foreign Investment Review Board.”
This statement is factually incorrect, see the following taken from the FIRB web site.
“The foreign investment policy provides for Government scrutiny of many proposed foreign purchases of Australian businesses and properties. The Government has the power under the Foreign Acquisitions and Takeovers Act 1975 (the Act) to block proposals that are determined to be contrary to the national interest. The Act also provides legislative backing for ensuring compliance with the policy.”
Rob, your posts are generally show you to be well informed, but your comments on this subject do not. I suggest you go read a book on macro economics.
Originally posted by APerry:“The Australian Government restricts investment in property. That is the purpose of the Foreign Investment Review Board.”
This statement is factually incorrect, see the following taken from the FIRB web site.
“The foreign investment policy provides for Government scrutiny of many proposed foreign purchases of Australian businesses and properties. The Government has the power under the Foreign Acquisitions and Takeovers Act 1975 (the Act) to block proposals that are determined to be contrary to the national interest. The Act also provides legislative backing for ensuring compliance with the policy.”
What do you think “scrutiny” and “block proposals that are determined to be contrary to the national interest” means? I determine it to mean “restricts investment in property”. Your quote supports my comment regarding the purpose of the FIRB.
Rob, your posts are generally show you to be well informed, but your comments on this subject do not. I suggest you go read a book on macro economics.Firstly, I do not see ‘Eeconomist’ written under my name in my signature nor do I see any post where I portray myself as an economic expert. I am just airing my opinions on a topic of interest. Secondly, if I wanted to hear your opinion as to my knowledge in a particular field, I would ask for it. Finally, I suggest you go…..
I won’t finish that last comment!
Have a nice day Economist!
Robert Bou-Hamdan
Mortgage AdviserRob,
“business and properties” mean exactly that, not just properties. Your post “The Australian Government restricts investment in property. That is the purpose of the Foreign Investment Review Board.” appears to suggest that the FIRB has been set up to govern foreign investment in property only. This is patently incorrect.
You may not claim to be an economist, but you are giving opinions on macro-economics and, quite frankly, much of what you have been saying is absolute crap. I don’t claim to be an economist either, but I have at least a rudimentry knowledge, which you obviously don’t.
Please feel free to reply as abusively as you like. I couldn’t care less and you only serve to make yourself look like an idiot.
Regards
Alistair PerryOriginally posted by APerry:Rob,
“business and properties” mean exactly that, not just properties. Your post “The Australian Government restricts investment in property. That is the purpose of the Foreign Investment Review Board.” appears to suggest that the FIRB has been set up to govern foreign investment in property only. This is patently incorrect.
You may not claim to be an economist, but you are giving opinions on macro-economics and, quite frankly, much of what you have been saying is absolute crap. I don’t claim to be an economist either, but I have at least a rudimentry knowledge, which you obviously don’t.
Please feel free to reply as abusively as you like. I couldn’t care less and you only serve to make yourself look like an idiot.
Regards
Alistair PerryIn case you didn’t notice Alistair, YOU are the one throwing the insults. If you are seriously hung up on me saying “the” instead of “a”, I really think you have a problem.
If my wording confused you too much, I will try and correct it for you…
“That is A purpose of the Foreign Investment Review Board.”
I hope that corrects my error that seems to have gotten you all fired up. Feel free to keep insulting me and claiming foul!
You are not worth of any more of my time.
Robert Bou-Hamdan
Mortgage Adviser“The Australian Government restricts investment in property. That is the purpose of the Foreign Investment Review Board.”
Your quote
Robert, you do seem to have a habit of p*ssing people off. Suggestion: If someone has a go at you, don’t respond in kind. It just escalates into a shouting match that really doesn’t help anyone.
As for the FIRB, I’m not a foreigner looking to invest in Australia so I really don’t know much about it. I do know Australia has double-taxation agreements with most OECD countries so you don’t end up paying tax twice:
http://www.ato.gov.au/large/content.asp?doc=/content/15737.htmI knew you couldn’t resist throwing a link in David.
Robert Bou-Hamdan
Mortgage AdviserI knew you couldn’t resist throwing a link in David.I link because I double-check my facts before posting. It takes about 5 seconds to Google, not much time if it saves you looking like an idiot.
Are you implying something Mr Michie???
))Not that I would care anyway. I don’t care what people think of me. I like to just post my own views and opinions about things regarding economics. I also like giving them a bit of stick in return.
Robert Bou-Hamdan
Mortgage AdviserAre you implying something Mr Michie???))Not at all. I only care if I look like an idiot, other people can post unsubstantiated drivel if they like.
hehehehe…. you are good!!!
Robert Bou-Hamdan
Mortgage Adviser
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