PM veils warning on ASX takeover
- From: AAP
- October 31, 2010
PRIME Minister Julia Gillard has signalled a warning to the coalition not to destroy bi-partisan support for foreign investment over the proposed takeover of the Australian Stock Exchange (ASX) by its Singapore counterpart.
Ms Gillard today said she had raised the issue of the Singapore Stock Exchange's (SGX) takeover bid with her Singapore counterpart during a visit to Hanoi for the 16-nation East Asia Summit.
There was a process to go through ahead of any foreign takeover, Ms Gillard said.
There had been long-held bi-partisan support on foreign investment rules, she said.
"I certainly hope that no one would seek to criticise or destroy the assessment of foreign investment," she told ABC Television.
Opposition treasury spokesman Joe Hockey said he had had discussions with the ASX on Friday.
He said the ASX had made a very good point: that it had been a monopoly in recent times and competition was going to come.
"It's a question of whether we get competition and how we get competition," Mr Hockey told the Nine Network today.
Treasurer Wayne Swan had to explain to people why the Singapore takeover was in the national interest.
