It’s not very often that I agree with Mike Smith but today he is right in caning Abbott’s Great Gaff of China. From the AFR:
Australia and New Zealand Banking Group chief executive Mike Smith has called on political leaders to foster a more welcoming attitude towards foreign investment in the resources and agricultural sectors or risk blowing a major economic opportunity.
Mr Smith said on Tuesday that the resources and agricultural sectors would need more than $3 trillion in new capital over the next 20 years to reach their potential.
Asia was the obvious source of the capital, but public concern about foreign ownership threatened to scare investors away.
