Return to Austand document Austand, through the research it started in 1990, has clearly established that huge amounts of money have been leaving the country for many years. This has greatly hindered Australia’s performance and development, and in more recent years has had the effect of destroying Australian ownership and the country’s ability to independently maintain its infrastructure. As a result of its findings, Austand believes that if Australia is to be truly independent and profitable nation the Management of this country must be entrusted to leaders who perceive the urgent policy changes needed to stop Australia sliding into becoming a third world Economy, ruled by foreign interests. Otherwise there is no hope of recovery.
The bestowing of naturalising status by the treasury began during the early part of the last century. The Treasury nominated incoming foreign corporations, and this entitled them to tax holidays and other trading benefits that were not available to Australian companies. We find no authority in Hansard that gives the Treasury this authority, but obviously at that time it was necessary to encourage foreign enterprise rather than Australian. Se even back as far as last century Australians were not receiving the real benefit of the turnover of this country. We obtained this information from our informant in the treasury, who told us the Department was very sensitive about this, for fairly obvious reasons.
Foreign ownership has proven to be the major problem, because of its dangerously high levels in all market segments, including resources. This has escalated, particularly during the last 40 years. So in 1986 Treasury instructed the Australian Bureau of Statistics (ABS) to stop the publication of foreign ownership figures in all market segments in the corporate sector. Austand then decided to carry out this research, because it was essential information. Our research uncovered a total of approximately 90% foreign ownership in this Australia, as well as totals for the various market segments (published in the Courier mail, and also in the book ‘luck be damned’, pp 213-219), and today these figures are accepted by most people. Since that time the Treasury was publishing a total figure of only 32%, not accounting for equity (nominee shareholdings), it was a shock to the community, and still is. Whereas foreign ownership in Australia is 90%, in Japan it is 2.1%, EU- 3.5%, UK 0 10.5% and the USA - 10.3% (Infotech Research) and this was first published by Austand in 1992. How can we possibly compete in these circumstances?
On Friday 31st January 1997, Austand received a communication from the ABS asking for comments about how best it could improve its services to Australians. Because Austand knew that the treasury had called for submissions in the media for recommendations on how the services of the ABS could be improved, Austand wrote to the Bureau informing it how this could be achieved, and also how its business could be run on a more cost effective basis. This was not acknowledged, but we did receive a circular which obliquely referred to the Bureau’s problems. Obviously the ABS is in disarray, which is further made clear by the loose figures the Treasurer is receiving. A good example of misleading reporting is the announcement of our export figures. When the figures are up they imply that the nation is doing well. Yet they are meaningless, for the greater majority of sales are made by foreign-owned companies, and therefore Australia receives no benefit.
The Foreign Investment Review Board (FIRB) was established in 1973 to prevent the sale of our assets to foreign interests, to protect the nation’s profitability. The Treasury blatantly ignored this charter and it is common knowledge that its role has been reversed. This could not be covered up, and most Australians are aware that it placed this nation in a position of great danger. Certainly our politicians are, but what have they done to stop the sale of our assets? In fact they appear to have encouraged the sale of our country. The question remains.. Why did Australian companies give in so easily? Why did so many either go out of business or sell to foreigners?
The income Tax (international Agreement) Act 1953, or what we know as The Double Taxation Agreement Act of 1953 was all the proof Austand needed to complete the picture. It made it clear that, from that year on the tax on profit made by foreign-owned companies in Australia would be paid outside this country. A graph of the sale of Australian assets from 1953 on shows a very distinct relationship with the destruction of Australian-owned companies from that same time - the result of unfair competition. The Commonwealth Auditor General acknowledged this when he announced, as far back as 16th February 1989, that an estimated 40,000 companies may have been avoiding tax by shifting profits off-shore. Furthermore, due to privatization (a misleading word introduced by the treasury, because Australians cannot afford to buy such shares so they invariably go to foreign interests), our overseas deficit increased from $7 billion in 1980 to $180 billion in 1996.
Austand now had proof that the Treasury, which had prepared the Bill, was facilitating the entry of foreign corporations into Australia. The Hon Clyde Cameron, AO, who was present when Sir Arthur Fadden presented the Bill, vehemently opposed it, knowing what it would do to the country. Strangely the majority of Australian politicians seemed unmoved by this. Yet surely it was their duty, made under oath, to look after out interests. Austand’s findings created an increase in public awareness, which the Government should no longer ignore. But it has continued to defend its actions by stating that its arrangements with the IMF, World Bank, EU, APEC and other international organisations must be accommodated. Most Australians would object to foreign money lenders giving us overbearing instructions in how to run our country. They have no authority . For example: the headings in The Australian Financial Review, 1st April 1997, “US warned Australia it won’t stand for industry assistance schemes that breach international trade rules.” and “ Warning issued in Washington to Industry Minister Mr John Moore.” Impact is growing, it is clear the people cannot act before the next election, and we don’t have that much time. Austand believes the Prime Minister was poorly advised when, on his trip to China, he was accompanied by the Australian branch-office executives of multinationals instead of the proprietors of the Australian-owned companies - at Australian tax payers expense. This sends a clear signal to all clear thinking Australians as to where our Government’s loyalties lie. It is a very serious matter.
The Treasury’s control of the media had enabled it to try and pass of multinationals as Australian companies. By advising them to place (Aust) after their name and make a comparatively small number of shares available to Australians, we have been misled into believing that these companies are really Australian, and so have our politicians. During our physical deputation to the Wallis Inquiry - whose terms were prepared by the Treasury - Austand was surprised that even Mr Wallis was unaware of the degree of foreign ownership in Australia, in common with many senior business leaders as well as politicians. This shows how cleverly we’ve been manoeuvred into allowing our financial instructions to fall more or less entirely into foreign hands. How successful the Treasury’s campaign has been to mislead everyone so easily.
The Wallis Financial Systems Inquiry has now facilitated the completion of the foreign invasion of our banks. This is largely due to the fact that Australians are not aware that our major banks are already foreign-owned, that by far the majority of their shareholders are foreign investors. This makes a mockery of the whole inquiry and has misled the Australian people.
In summery, Australia is a very unique country: large, but with small population and considerable wealth, and without the dangers of instability that most other countries have forced on them by the very people who are trying to pressure us. There is no reason why we should be pushed into lowering our standard of living, and losing our assets to others, and be penalised because we are fortunate. This is purely for the promise of a world that is in the grips of one of the greatest PR campaigns ever, relying on the fact that we must all work together in this New World Order which, although expected, will in the process destroy our nation. This urgently necessitates a complete change in attitude of our politicians and our national leaders. They must not be subservient to the rest of the world. Currently we are accepting sometimes offensive directions from minor individuals, many particularly emanating from the USA. We do not want Australia to experience civil disorder similar to that which is life in other countries where they have already interfered. And this is amplified by the dramatic support for any politician who dares to speak out here, who in effect represents the views of the Australian people. However, everyone must realise that the threat of defence and money pressures are not a problem to us is we have the courage to recapture a higher degree of the wealth of our country.
In reading this research report you will notice that we have clearly defined fact and opinion. There are broadly two kinds of research; one is the basic collection of information, the other is motivational research. The latter is the most important, and the most difficult to handle. As the name suggests, it is researching the future and anticipating what may happen based on the information at hand.
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