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Can Australia Withstand Another Swipe From China?, page-68

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moorookamick

23,183 Posts.

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20/09/20

11:03

Post #: 47481007
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Originally posted by moorookamick: ↑

Australia has been historically beset by a lack of cash because our extractive industries have been capital intensive and in order to kickstart them we have had to forfeit equity in lieu of jobs. As a result the profits from these maga projects go to the overseas owners and , over time, the jobs are minimised vie hi-tech-automation which, in turn, is imported.

Indonesia has a better system via its Contracts of Work (COWs) wherein Indonesia and/or Indonesian entities gain 51% ownership of national
extractive businesses.

When given an opportunity to "buy back the farm" during the Arab Oil Crisis of 1973, the Aussie electorate rejected to and instead voted-in
Malcolm Fraser who continued the great Aussie sell off. That folks is why our extractive industries are foreign owned.

The ultimate in Aussie Nationalism is that we own the country; not a pseudo form on Aussie Nationalism where America owns the works!

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While we may rubbish Saudi Arabia for restrictive Muslin laws, Saudi Arabia managed to peacefully nationalise its oil resources with the blessing of the USA and reward its citizens by equitably sharing the profits, not the least being no personal income tax.

We could have done the same here in 1973 but we missed the boat because of US/CIA spin & partisan politics which led to the Dismissal.
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