Australia investment rule changes welcomed by Deloitte

12/08/2009 Australia investment rule changes welcomed by...

News that Australia is to standardize foreign investment thresholds in a bid to promote the country as an ideal destination for overseas capital has been welcomed by Deloitte.

The announcement was made recently by Australian treasurer Wayne Swan, who said that new legislation would enable investments to be 'fast-tracked' by not having to go before the Foreign Investment Review Board.

Robert Kimmitt, chairman of Deloitte's centre for cross-border investment, argued that the move will "greatly facilitate job creation and ongoing economic development", something that may interest those looking for international tax jobs.

He added that the move "puts the country in a stronger position as the G20 leaders gather again in September in Pittsburgh", with a pledge to improve the global economy and reform the financial system being made at G20's meeting in April.

Mr Swan predicted this week that interest rates in the country are likely to rise as the economy recovers from the downturn.

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