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Australian Regulatory Framework on FDI and its Application to Chinese Investment

In: Chinese Investment in Australia

Author

Listed:
  • Xueli Huang
  • Ian Austin

Abstract

The Australian economic structure has changed significantly since the 1960s, becoming increasingly reliant upon the mining sector, including minerals, oil and gas. Before then, Australia was widely portrayed as a nation that “lives on the sheep’s back”, with its agricultural and pastoral activities accounting for more than 15–35 per cent of its GDP (Caves & Krause, 1984). However, these sectors have declined steadily, only accounting for 3.6 per cent of national GDP in 2009. The mining sector, conversely, has increased from about 2 per cent of the national GDP in 1921 (Caves & Krause, 1984) to 7 per cent in 1991, remaining relatively stable (6.51–7.5%) over the past two decades (ABS, 2010a). In fact, the Australian mining industry has been the driving force of its national economy since 2005. Mineral exports accounted for 44.8 per cent of total exports from Australia, reaching A$284.7 billion in the 2008–09 financial year (Australian Bureau of Agricultural and Resource Economics, 2010). Therefore, Australian mining industries are regarded as a crucial source for long-term national income and employment.

Suggested Citation

  • Xueli Huang & Ian Austin, 2011. "Australian Regulatory Framework on FDI and its Application to Chinese Investment," Palgrave Macmillan Books, in: Chinese Investment in Australia, chapter 3, pages 48-70, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-31415-3_3
    DOI: 10.1057/9780230314153_3
    as

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