ANNOUNCEMENT 08 Apr 2011In April 2011, the government of Australia announced changed rules for foreign investors.
NUMBER OF INTERVENTIONS
Australian Treasury. (2011). Foreign Investment Decision. Available at http://www.dpm.gov.au/DisplayDocs.aspx?doc=pressreleases/2011/030.htm&pageID=003&min=wms&Year=&DocType=
On 8 April 2011, the government of Australia prohibited the takeover of the Australian Stock Exchange (ASX) by Singapore Exchange Limited(SGX). In his explaination, the Australian Trasurers cites national interest to be the prime reason for the rejection:
"It is in the national interest for Australia to maintain theongoingstrength and stability of our financial system, and ensure it is wellplaced to support the Australian economy into the future. It isimportantthat we continue to build Australia's standing as a globalfinancial servicescentre in Asia to take best advantage of thebenefits of our superannuationsavings system. I had strong concernsthat the proposed acquisition wouldbe contrary to these objectives."