Urgent fix needed to ward off foreign investment ‘drought’

Australia needs a comprehensive strategic reset on foreign investment, the big business lobby has told the Albanese government, amid warnings the country’s growth and competitiveness are slipping against similar economies overseas.

The Business Council of Australia wants federal Labor to launch a review into investment settings for overseas players, in a bid to promote major projects, including in the transition to renewable energy. The push comes as countries, including the US, use more competitive tax and policy settings to win foreign capital.