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Speculations rise that Chinese investment rejection was political pawn

Article image for Speculations rise that Chinese investment rejection was political pawn

Labor backbencher Joel Fitzgibbon has slammed Treasurer Josh Frydenberg for not approving a $300 million take over of Probuild by China’s largest construction company. 

Mr Fitzgibbon told Luke Grant he fears the move may have been the federal government taking advantage of concerns of many Australians.

“Let’s face it Luke, many Australians are concerned about growing Chinese investment.

“Scott Morrison and his team, I fear, are going to capitalise on that.”

The proposal was withdrawn on the back of advice that Mr Frydenberg and the Foreign Investment Review Board would declare the transaction a risk to national security.

“This idea that Probuild … is going to be used by the Chinese government to do harm in Australia is just a ridiculous one,” said Mr Fitzgibbon. “It doesn’t stand up to scrutiny and commonsense.”

“We desperately need foreign inflows of capital.”

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Image: Nine & Getty 

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