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- Jan 25, 2010
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Australian MPs attack PAP over SGX takeover of ASX. With the recent shenanigans involving TH attacking TR, it will be very hard to defend the point that Temasek, GIC and the GLCs are not a de-facto part of the PAP government.
ASX decision to be guided by the national interest: Wayne Swan
WAYNE Swan has told politicians threatening to scuttle the proposed takeover of the Australian Stock Exchange that any government decisions will be guided by the national interest.
“And I ask all members in this parliament to do the same,” the Treasurer told parliament.
Both the Coalition and the Greens have raised concerns about the merger of the ASX with the Singapore Exchange, demanding an assurance it is in the national interest.
Greens leader Bob Brown today also cited Singapore's human rights record in warning his party could move to block the takeover.
In the government's first detailed comment on the proposal, Mr Swan said it would be considered “in the normal way”, and advice sought on whether it could be contrary to the national interest.
“So we will continue to consider all transactions with the objective of carefully and methodically building Australia's reputation as a financial services hub and as always we will always do this in the national interest,” he said.
The ASX merger has to be approved by the Foreign Investment Review Board as well as the Australian Securities and Investments Commission.
But because the ASX is subject to legislation imposing an ownership limit, the proposed merger would also require a regulation change that could be disallowed in the Senate.
If the Greens combined with the Coalition, the merger could be scuttled.
While emphasising the Coalition is in favour of foreign investment, Tony Abbott told colleagues today there were legitimate concerns about the proposal and it would be looked at carefully.
Opposition treasury spokesman Joe Hockey told a joint Coalition parties meeting the pressure would be on Mr Swan to prove the takeover was in Australia's interest, if approved by the FIRB.
Mr Hockey warned that the takeover could have a major impact on Australia as a regional financial centre, describing the ASX as a “signature monopoly” that had been used in the past to promote Australia as a regional financial centre.
Senator Brown recalled Singapore's 2005 execution of Australian drug trafficker Van Tuong Nguyen as he explained his party's concerns about the takeover.
The hanging went ahead despite government pleas for the Australian man's life.
“We should tell them nothing doing,” Senator Brown told reporters in Canberra.
“This is a state that tramples all over freedom of speech, democracy, the rights of oppositions, the ability for public discourse,” he said.
“(They) don't respect this nation in the way they should, they don't respect our aspiration for a more democratic and fair society, and have a poor track record in regarding Australians as equals.
“One only has to recall (former Singapore prime minister) Lee Kuan Yew's backhanded reference to white trash to understand that Singapore has a lot to do to show that Australians should be taking easily this bid to take over our stock exchange”
Senator Brown questioned whether the merger was in Australia's interests.
“The proposal here is that effectively the Australian Stock Exchange in Sydney should be subjugated to Singapore and we will see it whither on the vine and the Greens will not be facilitating or supporting that unless it can be shown to be in the nation's interest,” Senator Brown said, adding that he did not want it ruled by the “oligarchs” of Singapore.
“We want to know what the impact will be not only on the Australian market and shareholders but also superannuation accounts and financial service and other workers.”
Federal independent Bob Katter, who yesterday called the takeover “lunacy on a grand scale”, said today he intended to table a resolution in parliament to block the takeover.
He said he opposed the takeover on all grounds.
“We will be moving a resolution opposing it,” Mr Katter said. “I would remain very confident all of the crossbenchers will support it.
“I have a desire some things in my country are left owned by my country. I do not wish to live in a country of serfs working for foreign landlords.”
ASX decision to be guided by the national interest: Wayne Swan
WAYNE Swan has told politicians threatening to scuttle the proposed takeover of the Australian Stock Exchange that any government decisions will be guided by the national interest.
“And I ask all members in this parliament to do the same,” the Treasurer told parliament.
Both the Coalition and the Greens have raised concerns about the merger of the ASX with the Singapore Exchange, demanding an assurance it is in the national interest.
Greens leader Bob Brown today also cited Singapore's human rights record in warning his party could move to block the takeover.
In the government's first detailed comment on the proposal, Mr Swan said it would be considered “in the normal way”, and advice sought on whether it could be contrary to the national interest.
“So we will continue to consider all transactions with the objective of carefully and methodically building Australia's reputation as a financial services hub and as always we will always do this in the national interest,” he said.
The ASX merger has to be approved by the Foreign Investment Review Board as well as the Australian Securities and Investments Commission.
But because the ASX is subject to legislation imposing an ownership limit, the proposed merger would also require a regulation change that could be disallowed in the Senate.
If the Greens combined with the Coalition, the merger could be scuttled.
While emphasising the Coalition is in favour of foreign investment, Tony Abbott told colleagues today there were legitimate concerns about the proposal and it would be looked at carefully.
Opposition treasury spokesman Joe Hockey told a joint Coalition parties meeting the pressure would be on Mr Swan to prove the takeover was in Australia's interest, if approved by the FIRB.
Mr Hockey warned that the takeover could have a major impact on Australia as a regional financial centre, describing the ASX as a “signature monopoly” that had been used in the past to promote Australia as a regional financial centre.
Senator Brown recalled Singapore's 2005 execution of Australian drug trafficker Van Tuong Nguyen as he explained his party's concerns about the takeover.
The hanging went ahead despite government pleas for the Australian man's life.
“We should tell them nothing doing,” Senator Brown told reporters in Canberra.
“This is a state that tramples all over freedom of speech, democracy, the rights of oppositions, the ability for public discourse,” he said.
“(They) don't respect this nation in the way they should, they don't respect our aspiration for a more democratic and fair society, and have a poor track record in regarding Australians as equals.
“One only has to recall (former Singapore prime minister) Lee Kuan Yew's backhanded reference to white trash to understand that Singapore has a lot to do to show that Australians should be taking easily this bid to take over our stock exchange”
Senator Brown questioned whether the merger was in Australia's interests.
“The proposal here is that effectively the Australian Stock Exchange in Sydney should be subjugated to Singapore and we will see it whither on the vine and the Greens will not be facilitating or supporting that unless it can be shown to be in the nation's interest,” Senator Brown said, adding that he did not want it ruled by the “oligarchs” of Singapore.
“We want to know what the impact will be not only on the Australian market and shareholders but also superannuation accounts and financial service and other workers.”
Federal independent Bob Katter, who yesterday called the takeover “lunacy on a grand scale”, said today he intended to table a resolution in parliament to block the takeover.
He said he opposed the takeover on all grounds.
“We will be moving a resolution opposing it,” Mr Katter said. “I would remain very confident all of the crossbenchers will support it.
“I have a desire some things in my country are left owned by my country. I do not wish to live in a country of serfs working for foreign landlords.”
