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The Australia China Business Council (ACBC) deplores recent public remarks attacking Chinese investment in Australia.
ACBC members all over the country have worked hard over many years to build strong, productive and mutually beneficial relationships with their Chinese counterparts, which are of vital importance to all Australians.
As ACBC’s 2013 report on the Benefits to Australian Households of Trade with China demonstrates, this relationship has benefited Australians in a variety of unassuming ways, be it through higher incomes and employment opportunities, access to a greater variety of goods and services, investment capital and investment opportunities, and improved community services.
In 2012, Australia exported nearly $80 billion in goods and services to China, generating income and jobs for many Australians. The benefit of China’s trade and investment with Australia equated to around $14,480 per Australian household, more than 50% higher than five years earlier.
However, Australia cannot afford to be complacent. As KPMG’s March 2014 report “Demystifying Chinese Investment in Australia” noted, Chinese investment in Australia declined in 2013 against an overall global increase in Chinese outbound investment, and Australia is no longer the number one destination for Chinese direct investment.
Australia needs to build on its comparative advantages and Chinese investment and markets are an important factor in our country’s ability to do this.
The nature of China’s investment is changing. No longer does China’s trade and investment revolve around mining. It is also vitally important in sectors such as agriculture, education, tourism, banking, healthcare, financial services, and environmental and engineering services. Indeed, KPMG’s report shows that in 2013 more of China’s investment went to Victoria than any other Australian state.
The ACBC looks forward to continuing to promote Australia’s trade and investment relationship with China well into the future to the benefit of all Australians.
National President and Chairman
Australia China Business Council
21 August 2014.
For media enquiries and further information please contact ACBC's National Office.