International Investment. Australia. Economic Diplomacy, Trade Advocacy and Statistics Section Department of Foreign Affairs and Trade September 2015

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1 International Investment Australia 214

2

3 International Investment Australia 214 Economic Diplomacy, Trade Advocacy and Statistics Section Department of Foreign Affairs and Trade September 215

4 ISSN (Print) ISSN (Online) ISBN (Book) ISBN (PDF format) With the exception of the Commonwealth Coat of Arms and where otherwise noted, this report is licenced under a Creative Commons Attribution 3. Australia licence You are free to reuse, modify, remix and distribute this material. The entire publication may be included as an appendix in your work for reference if you wish. Under the terms of the licence, you are required to attribute DFAT material in the manner specified (but not in any way that suggests that DFAT endorses you or your use of the work). DFAT material used as supplied Provided you have not modified or remixed the material in this publication in any way it may be reused as long as the following attribution is used: Source: DFAT publication International Investment Australia 214. Derivative material If you have modified or remixed the material in this publication, or derived new material from it in any way, the following attribution must be used: Based on the DFAT publication International Investment Australia 214. Use of the Coat of Arms The terms under which the Coat of Arms can be used are detailed on the It s an Honour website The Department of Foreign Affairs and Trade (DFAT) has taken great care to ensure the information contained in this publication is as correct and accurate as possible. However, DFAT does not guarantee, and accepts no legal liability whatsoever arising from or connected to, the accuracy, reliability, currency or completeness of any material contained in the publication. DFAT recommends that users exercise their own skill and care with respect to their use of the material contained in the publication and that users carefully evaluate the accuracy, currency, completeness and relevance of the material for their purposes. Unless otherwise specified, all amounts are in Australian dollars.

5 - iii - Contents Table No. Page Introduction... 1 Changes in this issue... 2 Key points... 3 Box A Quantum of new foreign direct investment in Australia, Overview of Australia s international investment position, Australian international investment stocks at the end of Australian direct international investment stocks at the end of Australian businesses with foreign ownership, International direct investment global overview, Foreign Investment Review Board, Box B Mergers & acquisitions versus greenfield investments International trade and investment openness indicators comparison charts Section 1: Australia s international investment Definitions and concepts Box C Australia s international investment position Box D What is direct investment? Box E What other forms of foreign investment are there? Box F How are Australia s foreign investment statistics compiled? Box G Third party countries and investment centres Section 2: Australia s international investment Summary tables 1 Australia s investment flows, stocks and income Australia s international investment position Gross injections and withdrawals of net inflows of foreign direct investment in Australia by selected countries Gross injections and withdrawals of net outflows of Australian direct investment abroad by selected countries Top 1 sources - Foreign investment in Australia total stocks Top 1 destinations - Australian investment abroad total stocks Top 1 sources - Foreign investment in Australia direct stocks Top 1 destinations - Australian investment abroad direct stocks Australia s international investment with the world as a ratio to GDP Australia s investment flows domestic versus foreign Foreign ownership of Australian equity Foreign ownership of Australian businesses by industry by employment size, Section 3: International investment comparisons 13 World foreign direct investment top 1 inflow sources and outflow destinations (US$ million) Top 2 world economies direct inwards investment stocks (US$ billion) Top 2 world economies direct outwards investment stocks (US$ billion) Top 2 world economies direct inwards investment stocks (per cent of GDP) Top 2 world economies direct outwards investment stocks (per cent of GDP)... 47

6 - iv - Contents (cont d) Table No. Page Section 4: Australia s international investment Detailed tables 18.1 Australia s two-way investment relationship stocks by selected countries and regions Foreign investment in Australia net inflows by selected countries and regions Foreign investment in Australia stocks by selected countries and regions Australian investment abroad net outflows by selected countries and regions Australian investment abroad stocks by selected countries and regions Foreign investment in Australia direct net inflows by selected countries and regions Foreign investment in Australia direct stocks by selected countries and regions Australian investment abroad direct net outflows by selected countries and regions Australian investment abroad direct stocks by selected countries and regions Foreign investment in Australia by industry Australian investment abroad by industry Foreign direct investment in Australia by industry Australian direct investment abroad by industry Section 5: The Foreign Investment Review Board (FIRB) Overview of the investment review process Use of FIRB approved investment data Differences between FIRB and ABS data A FIRB approvals for proposed investment in Australia, by country B FIRB approvals for proposed investment in Australia, by industry Where to find FIRB data Section 6: Technical appendices Appendix A Explanatory notes... 7 Appendix B Composition of regions and country groups Appendix C Abbreviations and symbols used in all DFAT trade statistical publications... 77

7 - 1 - Introduction Welcome to the statistical publication International Investment Australia 214. This publication provides a detailed snapshot of the latest trends in Australia s international investment position. The Australian Bureau of Statistics (ABS) publishes official statistics on Australia s international investment, compiled using international standards set out by the International Monetary Fund and the United Nations. The ABS publishes international investment statistics on a quarterly basis in the publication Balance of Payments and International Investment Position, Australia (catalogue 532.) and in more detail on a calendar year basis in the publication International Investment Position, Australia: Supplementary Statistics (catalogue 5352.). Some additional detailed data is available upon request, although the amount of information (either published or unpublished) is limited. Other data sources such as the Foreign Investment Review Board also publish international investment related data that can be used to provide some additional information on Australia s investment relationship with the world. Users need to keep in mind that such statistics are generally not directly compatible with the ABS international investment statistics because they are not compiled within the framework established by international standards for balance of payments statistics. Sections 1 & 5 Information boxes on international investment statistics Section 1 includes a number of information boxes that provide easy to read information on the definitions and the concepts used to compile and interpret ABS international investment statistics. Section 5 provides an information box covering the definitions and concepts used by the Foreign Investment Review Board (FIRB) in collecting Australia s international investment approvals statistics. Section 5 also contains a summary of the foreign investment approvals statistics collected by the FIRB. It is highly recommended that if you are a new user of international investment statistics that you first read these information boxes as they will help you use these different statistics appropriately. Sections 2 & 4 ABS statistics on international investment Sections 2 and 4 provide the detailed official statistics on Australia s international investment. Most tables include the latest periods, usually three to five years as well as period snapshots of the data ten years ago. Also included are data on selected investment ratios and foreign ownership statistics. Section 3 International investment comparisons Section 3 presents foreign direct investment statistics for the world as published by the United Nations Conference on Trade and Development (UNCTAD). This section compares Australia s foreign direct investment trends with other countries.

8 - 2 - Changes in this issue Significant revisions to Australian Bureau of Statistics foreign investment in Australia data by partner country The ABS stated that it has introduced an improved methodology for compiling nominee data in line with the Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6) since the last issue of this publication. The implementation of the new methodology has improved the country allocation for its nominee collection resulting in data that was previously being allocated to no country detail being correctly allocated to its country of origin. The resulting revisions mainly affect portfolio investment liabilities, equity and investment fund shares and debt securities from September quarter 21. However the revisions will also affect total foreign investment. The following table for calendar year 213 shows the impact of these revisions on total stocks of foreign investment in Australia for our major investment partner countries (particularly Belgium). Please note that other unrelated revisions to the investment data will also account for some of the differences. The large upward revision to Belgium now makes it Australia s 3rd largest source of foreign investment in 214. However users are advised that the upward revision to Belgium was in the portfolio debt securities series. As Belgium acts as a major financial hub for these instruments a significant amount of this investment may be from other third party countries (refer to Box G for more information on the impact of investment through third party countries on ABS investment statistics). Foreign investment in Australia Total stocks 213 Previous Revised Difference Selected partners $m $m $m Belgium 8,277 26, ,642 Canada 26,882 27, China 31,899 52,155 2,256 Germany 24,176 28,769 4,593 Hong Kong (SAR of China) 51,337 63,924 12,587 Japan 13,982 16,141 29,159 Luxembourg 15,564 6,77 45,143 Netherlands 36,965 45,239 8,274 New Zealand 3,124 33,938 3,814 Republic of Korea 15,59 18,49 3,431 Singapore 6,544 68,376 7,832 Switzerland 47,145 54,743 7,598 United Arab Emirates 17,215 36,597 19,382 United Kingdom 562, ,369-11,512 United States 657,888 7,571 42,683 ASEAN 85,842 96,826 1,984 European Union 716,32 882,19 166,158 Total Unspecified 519,61 239, ,79 Source: ABS catalogue (213 & 214 editions). For more information regarding these revisions please refer to the ABS publication International Investment Position, Australia: Supplementary Statistics, 214 (catalogue 5352.) - changes in this issue section.

9 - 3 - Key points Total investment Net inflows of foreign investment in Australia (FIA) were valued at $72.6 billion in 214. The value of the stock of FIA was $2.8 trillion in 214, an increase of 1.4 per cent from 213. The largest sources for the stock of FIA in 214 were the United States (valued at $758.2 billion), followed by the United Kingdom (valued at $484.2 billion), Belgium (valued at $226.1 billion), Japan (valued at $174.7 billion) and Singapore (valued at $8.2 billion). Investment from China was valued at $64.5 billion (ranked 7 th ), while investment from India was valued at $11. billion (ranked 23 rd ). Net outflows of Australian investment abroad (AIA) were valued at $27.7 billion in 214. The value of the stock of AIA was $1.9 trillion in 214, an increase of 13.8 per cent from 213. The largest destinations for the stock of AIA in 214 were the United States (valued at $575.5 billion), followed by the United Kingdom (valued at $34.5 billion) and New Zealand (valued at $99.9 billion). Foreign net flows (net inflows minus net outflows) accounted for 1.5 per cent of Australia s total investment requirements during 214. Direct investment Net inflows of direct FIA were valued at $57.5 billion in 214. The quantum of new direct investment (gross inflows of new direct investment) was valued at $14.1 billion. The largest sources for new direct investment flows were the United States ($32. billion), Singapore ($31.8 billion) and the European Union ($28.3 billion). See Box A Quantum of new foreign direct investment in Australia, 214. The stock of direct FIA was valued at $688.4 billion in 214, an increase of $55. billion or 8.7 per cent from 213. Foreign direct investment in Australia by partner - Stocks Other 25.3% United States 23.7% ASEAN 6.1% Canada 3.4% Switzerland 2.8% China 4.4% Japan 9.6% Other EU 11.9% United Kingdom 12.7% Based on ABS catalogue The largest sources for the stock of direct FIA in 214 were the United States (valued at $163.4 billion), followed by the United Kingdom (valued at $87.4 billion) and Japan (valued at $66.1 billion). The Mining industry accounted for the largest share of the stock of direct FIA valued at $264.7 billion (or 38.4 per cent), followed by the Manufacturing industry valued at $88.2 billion (or 12.8 per cent) and the Finance & insurance industry valued at $66.9 billion (or 9.7 per cent). Withdrawals of net outflows of direct AIA were valued at $389 million in 214. The stock of direct AIA was valued at $54.7 billion in 214, an increase of $32.9 billion or 6.5 per cent from 213. The largest destinations for the stock of direct AIA in 214 were the United States (valued at $136.2 billion), followed by New Zealand (valued at $61.6 billion) and the United Kingdom (valued at $55.2 billion). The Finance & insurance industry accounted for the largest share of the stock of direct AIA valued at $15. billion (or 27.7 per cent), followed by the Mining industry valued at $135.2 billion (or 25. per cent) and the Manufacturing industry valued at $83.5 billion (or 15.4 per cent).

10 - 4 - Foreign direct investment in Australia by industry - Stocks Other.3% Other service industries 38.8% Mining 38.4% Finance & insurance 9.7% Based on ABS catalogue Manufacturing 12.8% Global direct investment The global stock of inwards world foreign direct investment was valued at US$26. trillion in 214, up marginally over 213 levels. Net inflows of global direct investment were valued at US$1.2 trillion in 214 with Australia accounting for 4.2 per cent of these net inflows.

11 - 5 - Box A Quantum of new foreign direct investment in Australia, 214 The quantum of new foreign direct investment into Australia in 214 was valued at $14.1 billion 1. This was up $21.2 billion (or 17.8 per cent) on the $119. billion invested into Australia in 213. Over the past five years there has been $617.2 billion in new direct investment flows injected into Australia. The quantum of new direct investment in 214 was made up of $125.2 billion in gross inflows (or injections) of foreign direct investment into Australia from companies (or individuals) located overseas and $15. billion in reinvested earnings from existing direct investment in Australia. Quantum of new foreign direct investment in Australia by selected countries (a) (A$ million) % change $ change 213 to 213 to Canada np np 3,182 1,971 6, ,633 China (b) 4,15 4,719 3,5 6,134 9, ,286 France np 1,127 1,212 np np.... Germany np np np 2,844 2, Hong Kong (SAR of China) (c) 1,58 1,533 np 1,765 5, ,524 India np np np np np.... Japan np 19,319 18,954 1,582 9, Malaysia np np np np np.... Netherlands (d) 4,863 5,284 3,3 2,62 9, ,53 New Zealand 1,92 np np 818 np.... Republic of Korea 956 np 264 np Singapore (e) 7,263 15,14 14,511 13,297 31, ,491 Switzerland np 2,912 np 3,25 3, Thailand np np np np np.... United Kingdom 13,485 22,359 9,223 12,648 13, United States 28,49 28,55 34,596 37,79 31, ,75 ASEAN np np 17,74 np 33, European Union (f) 3,275 38,61 18,74 21,543 28, ,77 Total 17,36 137,47 113, ,956 14, ,187 a) Injections of foreign direct investment plus reinvested earnings. (b) Excludes reinvested earnings for 211 & 214, which were not published by the ABS. (c) Excludes reinvested earnings in 213 only, which were not published by the ABS. (d) Excludes reinvested earnings in 214 only, which were not published by the ABS. (e) Excludes reinvested earnings for 21 & 213 only, which were not published by the ABS. (f) EU27 from January 27 to June 213, EU28 from July 213. Based on unpublished ABS data. The United States was the major source for new investment, with injections of $32. billion in new direct investment into Australia in 214 (down from $37.7 billion in 213). The European Union 28 injected $28.3 billion in new direct investment with $13.1 billion coming from the United Kingdom, $9.1 billion 2 from the Netherlands and 1 Note that the quantum of new direct investment is the sum of the gross inflows (injections) of foreign direct investment into Australia over the year plus any reinvested earnings for the same period. Reinvested earnings in Australia are treated as new direct investment as the foreign investor in Australia has made a decision to increase the amount of its foreign investment in Australia rather than repatriate the profits to its parent company abroad. Note that some of the new gross inflows of foreign direct investment may be replacing existing foreign investment in Australia, for example if a foreign investor takes over a company in Australia that is already foreign owned. 2 Excluding reinvested earnings which were not published by the ABS for 214.

12 - 6 - $2.7 billion from Germany. ASEAN countries injected $33.3 billion in new direct investment with $31.8 billion 3 coming from Singapore. Other significant sources of new direct investment flows came from Japan valued at $9.8 billion, China valued at $9.4 billion 3 and Canada valued at $6.6 billion. In 214, there was $82.6 billion in withdrawals of existing foreign direct investment in Australia. The overall stock of foreign direct investment in Australia rose 8.7 per cent to $688.4 billion at the end of 214. Refer to Tables 3 & 4 for further information. Quantum of new direct investment in Australia A$b Gross inflows of direct investment Reinvested earnings Net inflows of direct investment Based on ABS catalogue and unpublished ABS data. Quantum of new investment by major source 214 Hong Kong, $5b, 3.8% Other, $17b, 12.2% United States, $32b, 22.8% Canada, $7b, 4.7% China, $9b, 6.7% Japan, $1b, 7.% Singapore, $32b, 22.7% United Kingdom, $13b, 9.4% Other EU, $15b, 1.8% Based on unpublished ABS data. 3 Excluding reinvested earnings which were not published by the ABS for 214.

13 - 7 - Overview of Australia s international investment position 214 Net inflows and outflows of Australia s international investment A$b 12 Foreign investment in Australia Australian investment abroad Based on ABS catalogue Net inflows of foreign investment in Australia (FIA) were valued at $72.6 billion in 214, a decrease of $21.8 billion or 23.1 per cent from 213. Net outflows of Australian investment abroad (AIA) were valued at $27.7 billion in 214, a decrease of $14.4 billion or 34.2 per cent from 213. Foreign net flows (net inflows minus net outflows) accounted for 1.5 per cent of Australia s total investment requirements during 214. Refer to Tables 1 & 1 for further information. The stock of foreign investment in Australia and Australian investment abroad A$b 3, 2,5 Foreign investment in Australia 2, Australian investment abroad 1,5 1, The value of the stock of FIA was $2.8 trillion in 214, an increase of 1.4 per cent from 213 Exchange rate, price movements and other changes accounted for over 7 per cent of the increase in stock during 214. The value of the stock of AIA was $1.9 trillion in 214, an increase of 13.8 per cent from 213 Exchange rate, price movements and other changes accounted for nearly 9 per cent of the increase in stock during 214. Refer to Tables 1 & 2 for further information. Based on ABS catalogue Australia s net international investment position A$b 1, Net international investment position 8 6 Net foreign debt 4 2 Net foreign equity Australia s net international investment position (IIP) was $866.1 billion in 214, an increase of 3.4 per cent on 213 Australia s net foreign debt was $924.8 billion in 214, up 9. per cent on 213 Australia s net foreign equity was -$58.7 billion in 214, a fall of $48.2 billion on 213. Australia s net IIP accounted for 54.2 per cent of Gross Domestic Product (GDP) in 214. Refer to Tables 1 & 9 for further information. Based on ABS catalogue

14 - 8 - Income flows on Australia s international investment A$b Total investment income paid Total investment income earned Total income payable on FIA was $78.1 billion in 213, down 2.2 per cent on 213. Total income earned on AIA was $49. billion in 214, up 1.4 per cent on 213 and just below the pre-global Financial Crisis levels of $49.5 billion recorded in 28. Refer to Table 1 for further information Based on ABS catalogue Direct investment net flows A$b 6 5 Direct foreign investment in Australia Australian direct investment abroad Based on ABS catalogue Net inflows of direct FIA were valued at $57.5 billion in 214, an increase of $1.3 billion or 2.4 per cent from 213 Gross inflows (injections) including reinvested earnings of direct FIA were valued at $14.1 billion in 214, while gross outflows (withdrawals) of direct FIA were valued at $82.6 billion refer to Box A for more details. Withdrawals of net outflows of direct AIA were valued at $389 million in 214, a decrease of $2.8 billion or 87.7 per cent from 213. Refer to Tables 1 & 3 for further information. A$b Direct foreign investment in Australia Australian direct investment abroad Direct investment stocks The value of the stock of direct FIA was $688.4 billion in 214, an increase of $55. billion or 8.7 per cent from 213 The value of the stock of direct AIA abroad was $54.7 billion in 214, an increase of $32.9 billion or 6.5 per cent from 213 Refer to Tables 1 & 13 for further information Based on ABS catalogue

15 - 9 - Australian international investment stocks at the end of 214 Foreign investment in Australia by type of investment, 214 Other investment 2.5% Portfolio investment 54.7% Based on ABS catalogue Direct investment 24.7% The majority of the stock of FIA is through portfolio investment, which accounted for 54.7 per cent of total foreign investment at the end of 214. Direct investment accounted for 24.7 per cent of the total stock of FIA at the end of 214. Other investment (including derivatives) accounted for 2.5 per cent of total FIA at the end of 214. Refer to Table 1 for further information. Foreign investment in Australia by country A$b US UK Belgium Japan Singapore Based on ABS catalogue The stock of United States investment in Australia was valued at $758.2 billion in 214 (up 8.2 per cent or $57.6 billion) The United States was the largest source of investment in Australia. The United Kingdom was Australia s second largest investment source, with $484.2 billion followed by Belgium as the third largest source valued at $226.1 billion. China s investment in Australia was $64.5 billion in 214 (ranked 7 th ), while investment from India (ranked 23 rd ) was $11. billion. Refer to Table 5 for further information. Foreign investment in Australia by industry 4, 214 Other service industries 21.4% Other 11.3% Finance & insurance 47.2% The Finance & insurance industry 5 comprised the largest share of the stock of FIA in 214, with $1.3 trillion or 47.2 per cent of total FIA. Other major industries for FIA include Mining ($452.8 billion or 16. per cent), and Manufacturing ($115.1 billion or 4.1 per cent). Refer to Table 19 for further information. Manufacturing 4.1% Mining 16.% Based on ABS catalogue FIA by industry represents the main industry of the top enterprises in Australia. 5 Please note that the large share of foreign investment in the financial sector in Australia reflects the mechanisms of international investment markets. Investment may be on-lent to other industries in Australia.

16 - 1 - Australian investment abroad by type of investment, 214 Other investment 28.9% Reserve assets 3.4% Direct investment 28.2% Portfolio investment comprises the largest share of the stock of AIA, accounting for 39.5 per cent of Australia s total investment abroad at the end of 214. Direct investment accounted for 28.2 per cent of AIA at the end of 214. Other investment (including derivatives) accounted for 28.9 per cent of AIA at the end of 214. Based on ABS catalogue Portfolio investment 39.5% Reserve assets accounted for 3.4 per cent of AIA at the end of 214. Refer to Table 1 for further information. Australian investment abroad by country A$b US UK NZ Japan Germany The United States remained Australia s major investment destination, with the stock of investment worth $575.5 billion in 214 (up 16.7 per cent or $82.3 billion). The United Kingdom was Australia s second largest investment destination, with $34.5 billion in 214, while New Zealand was the third largest destination with investment worth $99.9 billion. Refer to Table 6 for further information. Based on ABS catalogue Australian investment abroad by industry 6, 214 Other service industries 8.6% Manufacturing 4.9% Mining 8.2% Other 9.8% Finance & insurance 68.4% The Finance & insurance industry comprised the largest share of Australia s stock of investment abroad in 214, with $1.3 trillion or 68.4 per cent of Australia s total investment abroad. Other major industries for AIA include Mining ($161. billion or 8.2 per cent), and Manufacturing ($95.5 billion or 4.9 per cent). Refer to Table 2 for further information. Based on ABS catalogue AIA by industry represents the main industry of the company operations in Australia, not the industry of the affiliate abroad.

17 Australian direct international investment stocks at the end of 214 Foreign direct investment in Australia by country A$b US UK Japan Netherlands China The United States, United Kingdom and Japan were the three largest direct investors in Australia in 214. United States stock of direct investment was valued at $163.4 billion in 214 (up 12.8 per cent), the United Kingdom was valued at $87.4 billion (down.3 per cent) and Japan was valued at $66.1 billion (up 2.7 per cent). Refer to Table 7 for further information. Based on ABS catalogue Foreign direct investment in Australia by industry Other service industries 38.8% Finance & insurance 9.7% Based on ABS catalogue Other.3% Mining 38.4% Manufacturing 12.8% The Mining industry comprised the largest share of the stock of foreign direct investment in Australia in 214, with $264.7 billion or 38.4 per cent of total foreign direct investment. Other major industries for foreign direct investment in Australia include Manufacturing ($88.1 billion or 12.8 per cent), Finance & insurance ($66.9 billion or 9.7 per cent), Wholesale & retail trade ($63. billion or 9.2 per cent) and Real estate activities ($47.7 billion or 6.9 per cent). Agriculture accounted for.2 per cent or total foreign direct investment, worth $1.3 billion. Refer to Table 21 for further information. Australia's direct investment abroad by country A$b np np US NZ UK Canada PNG The United States, New Zealand and the United Kingdom are Australia s top three direct investment destinations accounting for 46.8 per cent of Australia s stock of direct investment abroad. The stock of Australian investment in the United States grew 8.7 per cent to $136.2 billion in 214 while New Zealand rose 3.1 per cent (to $61.6 billion) and the United Kingdom was up 5.3 per cent (to $55.2 billion). Refer to Table 8 for further information. Based on ABS catalogue

18 Australia's direct investment abroad by industry 7 Other 31.8% Finance & insurance 27.7% Mining 25.% Manufacturing 15.4% The Finance & insurance industry comprised the largest share of the stock of Australia s direct investment abroad in 214, with $15. billion or 27.7 per cent of Australia s total direct investment abroad. Other major industries for Australia s direct investment abroad include Mining ($135.2 billion or 25. per cent), and Manufacturing ($83.5 billion or 15.4 per cent). Refer to Table 22 for further information. Based on ABS catalogue Australian businesses with foreign ownership, 214 Proportion of Australian businesses with foreign ownership, by selected industry % All business Based on ABS catalogue Foreign ownership of 1% or more Mining Wholesale trade Utilities IT & media In 214, foreign equity in Australia accounted for 29.3 per cent of total equity in Australia. Australian businesses with foreign ownership greater than 1 per cent accounted for 3.5 per cent of total businesses at end June 214 with 2.8 per cent of businesses with foreign ownership over 5 per cent. The Mining industry had the highest proportion of foreign ownership at end June 214, with 22.5 per cent of mining businesses having foreign ownership of greater than 1 per cent. At end June 214, 12.3 per cent of businesses in the Wholesale trade industry had foreign ownership of greater than 1 per cent and the Information media & telecommunications industry had 11. per cent of businesses with foreign ownership greater than 1 per cent. Refer to Tables 11 & 12 for further information. 7 AIA by industry represents the main industry of the company operations in Australia, not the industry of the affiliate abroad.

19 International direct investment global overview, Global inwards foreign direct investment US$ trillion Source: UNCTADstat database. Global inwards FDI - Net inflows Global inwards FDI - Stocks The stock of inwards global foreign direct investment in 214 was valued at US$26. trillion, a marginal increase of US$4. billion over 213 levels. Net inflows of global foreign direct investment in 214 were valued at US$1.2 trillion, a decrease of 16.3 per cent on net inflows of US$1.5 trillion in 213 Australia accounted for 4.2 per cent of global net inflows in 214, up from 3.7 per cent in 213. Refer to Table 14 for further information. Global inwards foreign direct investment stock by country US$ trillion The United States is the largest destination for global foreign direct investment with stocks in 214 valued at US$5.4 trillion triple the next largest investment destination (United Kingdom with US$1.7 trillion). Refer to Table 14 for further information. US UK Hong Kong China Singapore Source: UNCTADstat database. Global outwards foreign direct investment stock by country US$ trillion The United States is also the world s largest source of global foreign direct investment with stocks in 214 of US$6.3 trillion nearly quadruple the next largest investment source (the United Kingdom with US$1.6 trillion). Refer to Table 15 for further information. US UK Germany Hong Kong France Source: UNCTADstat database. 8 Note that foreign investment data available through organisations such as the United Nations Committee for Trade and Development (UNCTAD) is limited to direct investment only.

20 Foreign Investment Review Board, FIRB approval statistics A$b Source: FIRB annual reports. Foreign investment Review Board (FIRB) data and ABS international investment data capture different aspects of foreign investment in Australia. FIRB data only captures proposed new investments (gross inflows) which fall above specified thresholds FIRB data does not show actual flows or stocks of FIA. FIRB approved $167.4 billion of proposed investment in , up from $135.7 billion in Refer to Section 5 for further information. FIRB approvals for proposed investment in Australia by country A$b China United States Canada Malaysia China had approved investment of $27.7 billion in The United States, Australia s largest source of foreign investment in Australia, had $17.5 billion of approved investment in Canada had approved investment of $15.4 billion, and Malaysia with $7.1 billion. Refer to Section 5 for further information. Source: FIRB annual report. FIRB approvals for proposed investment in Australia by industry sector Mineral exploration & development 13.4% Manufacturing 6.3% Other 3.9% Real estate 44.6% The largest sector for FIRB approved investment was Real estate with $74.6 billion approved in followed by Services (excluding Tourism and Finance & insurance services) with $53.4 billion approved and Mineral exploration & development with $22.4 billion approved. Refer to Section 5 for further information. Services 31.9% Source: FIRB annual report.

21 Box B Mergers & acquisitions versus greenfield investments Foreign investment mergers & acquisitions occur where an investor acquires ownership of an existing developed entity or asset. The 214 purchase of a majority share of Australia s Warrnambool Cheese and Butter by Canada s Saputo falls within this category. Data distinguishing these types of investment are published by the United Nations Conference on Trade and Development (UNCTAD) and is measured on a net basis. Foreign greenfield investments are where the investment is predominantly aimed at developing capability and production of an existing asset. Examples of greenfield investments include where a foreign investor buys vacant land for development of a residential complex, and where joint-ventures develop sites with mineral or resources deposits through to production stages (such as the Chevron-led development of LNG reserves off Western Australia). In general, greenfield investments are likely to generate more economic returns to the host country compared to mergers & acquisitions, in terms of new employment opportunities, additional industry value-added, contribution to GDP, and additional taxation revenue. US$b 8 Mergers & acquisitions and greenfield investments Australia Australia net sales of mergers and acquisitions Australia greenfield Sources: UNCTAD World Investment Report 215 Annex Tables. Total greenfield investment in Australia was valued at US$15.7 billion in 214, up US$2.9 billion or 22.7 per cent on 213 (and well below the US$41.3 billion reported in 21). The net sales (or transactions) of cross-border mergers & acquisitions for Australia was valued at US$21.2 billion in 214, up US$9.3 billion or 77.8 per cent on 213. Please note UNCTAD data on the total value of 214 cross border mergers & acquisitions and greenfield investments (US$36.8 billion) will not equal UNCTAD data on the 214 value of net inflows of foreign direct investment into Australia (US$51.9 billion). The data compilation and sources for cross border mergers & acquisitions and greenfield investments do not exactly match International Monetary Fund (IMF) standards for foreign direct investment statistics. Refer to the World Investment Report methodological notes on the UNCTAD website (www.unctad.org) for further details.

22 International trade and investment openness indicators - comparison charts The degree to which countries or economies conduct international trade and investment is a good indicator of the international openness of the country or economy. The following charts map two-way foreign direct investment as a proportion of Gross Domestic Product (GDP) and two-way foreign goods & services trade as a proportion of GDP. Please note that some charts have incomplete datasets and axis scales are not consistent across the charts. World % 8 Two-way FDI/GDP Total trade/gdp Sources: UNCTADstat, IMF WEO & WTO databases. APEC % 7 6 Two-way FDI/GDP Total trade/gdp Sources: UNCTADstat, IMF WEO & WTO databases. ASEAN % Total trade/gdp Two-way FDI/GDP Sources: UNCTADstat, IMF WEO & WTO databases. European Union % 14 Two-way FDI/GDP Total trade/gdp Sources: UNCTADstat, IMF WEO & WTO databases. % G2 Two-way FDI/GDP % Australia Two-way FDI/GDP 3 Total trade/gdp Sources: UNCTADstat, IMF WEO & WTO databases. 4 Total trade/gdp Sources: UNCTADstat, IMF WEO & WTO databases.

23 % 5 Brazil Two-way FDI/GDP % 1 Canada Two-way FDI/GDP Total trade/gdp 2 1 Total trade/gdp Sources: UNCTADstat, IMF WEO & WTO databases Sources: UNCTADstat, IMF WEO & WTO databases. % 8 China Total trade/gdp % 12 France 6 9 Two-way FDI/GDP Two-way FDI/GDP 3 Total trade/gdp Sources: UNCTADstat, IMF WEO & WTO databases Sources: UNCTADstat, IMF WEO & WTO databases. % 1 Germany % 1,2 Hong Kong (SAR of China) Two-way FDI/GDP 8 1, 6 4 Total trade/gdp Two-way FDI/GDP Sources: UNCTADstat, IMF WEO & WTO databases. 2 Total trade/gdp Sources: UNCTADstat, IMF WEO & WTO databases.

24 % 6 India % 1 Indonesia 5 8 Total trade/gdp Total trade/gdp Two-way FDI/GDP Sources: UNCTADstat, IMF WEO & WTO databases. Two-way FDI/GDP Sources: UNCTADstat, IMF WEO & WTO databases. % 8 Italy % 5 Japan Total trade/gdp 3 2 Total trade/gdp 2 Two-way FDI/GDP 1 Two-way FDI/GDP Sources: UNCTADstat, IMF WEO & WTO databases Sources: UNCTADstat, IMF WEO & WTO databases. % 25 2 Malaysia Total trade/gdp % 25 2 Netherlands Two-way FDI/GDP Two-way FDI/GDP 1 Total trade/gdp Sources: UNCTADstat, IMF WEO & WTO databases Sources: UNCTADstat, IMF WEO & WTO databases.

25 % 8 New Zealand Two-way FDI/GDP % 12 Republic of Korea Total trade/gdp Total trade/gdp Two-way FDI/GDP Sources: UNCTADstat, IMF WEO & WTO databases Sources: UNCTADstat, IMF WEO & WTO databases. % 8 Russian Federation % 6 Singapore 6 Total trade/gdp Total trade/gdp 2 2 Two-way FDI/GDP Sources: UNCTADstat, IMF WEO & WTO databases. 1 Two-way FDI/GDP Sources: UNCTADstat, IMF WEO & WTO databases. % 35 3 Switzerland Two-way FDI/GDP % Taiwan Total trade/gdp Total trade/gdp Sources: UNCTADstat, IMF WEO & WTO databases. Two-way FDI/GDP Sources: UNCTADstat, IMF WEO & WTO databases.

26 - 2 - % United Kingdom Two-way FDI/GDP % 8 6 United States Two-way FDI/GDP Total trade/gdp 2 Total trade/gdp Sources: UNCTADstat, IMF WEO & WTO databases Sources: UNCTADstat, IMF WEO & WTO databases.

27 Section 1 Australia s international investment Definitions and concepts

28 Box C Australia s international investment position 9 Australia s International investment position (IIP) is a set of statistics closely related to the Balance of Payments. IIP is a balance sheet of the stock of Australian investment abroad (or foreign assets) and foreign investment in Australia (or foreign liabilities). The IIP may be viewed more broadly as a reconciliation statement showing the levels of Australia s international assets and liabilities at the start and end of the period, and the components of changes within the period (investment injection or withdrawal flows and other changes such as price changes, exchange rate movements and other adjustments). International investment position (stock or level) The IIP records the stock (also called level, or position) of foreign investment in Australia (FIA) or Australian investment abroad (AIA) at a particular date (referred to as the closing position at the end of the reporting period). Capital transactions (or flows) Capital transactions are measured on a net basis in international investment statistics. Net capital inflows are the sum of all new injections of foreign capital (both equity and debt) into Australia minus the withdrawals of existing foreign capital already in Australia over the period. Net capital outflows are the sum of all new injections of Australian capital overseas minus the withdrawals of existing Australian capital overseas over the period. Other changes in the position (stock or level) Changes in the position may also occur due to Price changes (such as movements in the stock market), Exchange rate changes (appreciation or depreciation of the Australian dollar) and other adjustments (such as the write-off of bad debts). Investment income Investment income refers to the income accruing (or owing) on the stock of financial assets and liabilities during a particular period. Examples of investment income include: dividend payments from shares; interest on loans; and reinvested earnings (profits that are reinvested into the company in the host economy rather than paid back to the investor). Income earned (Investment income credits in Australia s balance of payments statistics) refers to income accruing to Australian residents from the stock of Australian investment abroad. Income payable (Investment income debits) refers to income accruing to non-residents from foreign investment in Australia. The following example helps explain how the reconciliation statement works in IIP statistics in terms of foreign investment in Australia: In 212, the opening stock of foreign investment is $1 as at 1 January. During the 212 year there is a new foreign capital injection of $1, while $5 of existing foreign capital is withdrawn by foreign investors. This results in Net capital inflows of $5 during the year. These are the net capital flows that are recorded by the ABS in its international investment statistics. However there are other changes that impact on the stock of foreign investment in Australia during 212. Firstly the value of Australian shares owned by foreigners rises by $3 during the year, as a result of price changes, adding $3 to stocks. In addition, the Australian dollar depreciates during the year, resulting in the stock of investment in Australian bonds rising in value by another $3 due to exchange rate movements 1. This results in the Closing stock of investment rising $11 ($5 due to net capital inflows and $6 due to all other changes over the period), to be valued at $21 as at 31 December Please note the wording and concepts used in these boxes has been simplified from the wording and concepts used by the ABS in its international investment statistics (which are based on the International Monetary Fund s Balance of Payments and International Investment Manual version 6 (BPM6). This is to assist users with understanding the complex nature of these concepts. See the Explanatory notes for more information. 1 This occurs if debt in Australia is issued in foreign currency terms (say US dollars) rather than in Australian dollars. Equity in Australian companies cannot have exchange rate movements as they are all denominated in Australian dollars.

29 Example: Opening stock $ Net capital inflows Other changes to the stock during the period + Net inflows $ = Injections $ Withdrawals $ Total $ Price changes $ Exchange rate changes $ Other adjustments $ = Closing stock $ Income payable $ In 213 you can observe that net capital inflows is a negative number as new injections of capital are outweighed by withdrawals of existing investment. In 214 you can observe that it is possible for net inflows to be positive but the value of the stock to fall over the year. This occurs as the falls in price movements and exchange rate changes are equal to negative $11 which outweighs the $1 rise in net inflows during the year. You can also observe from this example that you should never sum net inflows (or net outflows) over a period of time to represent stock of investment. The sum of the net inflows over the 3 years is $1, while the stock of investment is $14. Summing net inflows does not take into account any investment before the period being summed (in this case $1), or movements in the stock due to other changes during the period (in this case negative $6) Some statistical organisations do sum net flows to represent stocks of investment. This is mainly due to the fact that information on other changes is not readily available. This is referred to as investment stock on a historical cost basis, rather than investment on a market value basis as published by the ABS.

30 Box D What is direct investment? In simple terms, direct investment is where an investor acquires or holds 1 per cent or more ownership in a business or other asset. By holding 1 per cent or more of the shares or equity in the business, the direct investor is deemed to exercise a significant degree of influence in its management. In Australia s international investment statistics, data on foreign direct investment (FDI) in Australia records where individuals or businesses outside Australia hold 1% or more ownership in an Australian business or other asset. Similarly data on Australia s foreign direct investment abroad records where Australian individuals or businesses hold 1% or more ownership in a foreign business or asset. Direct investment can take different forms: branches (i.e. fully owned by the direct investor); subsidiaries (at least 5 per cent owned by the direct investor); and associates (between 1 per cent and 5 per cent owned by the direct investor). Direct investment normally signifies the investor is not just interested in maximising short-term profits but is interested in the long-term profitability of the entire enterprise group (e.g. multinational companies). This type of investment can be politically and economically sensitive in the host country so many countries have a review process (such as the Foreign Investment Review Board in Australia) to safeguard national interests. Direct investment comprises around one-third of Australia s total investment abroad, and around one-quarter of all foreign investment in Australia. Example of direct investment in Australia In January 214 Canadian firm Saputo, one of the world s largest dairy producers, was successful in acquiring a majority holding in Warrnambool Cheese and Butter. The takeover struggle endured for several months, with Japanese firm Lion and Australia s Murray Goulburn and Bega also interested in the Victorian producer.

31 Box E What other forms of foreign investment are there? Total foreign investment comprises direct investment, as well as indirect investment such as portfolio investment, financial derivatives, reserve assets and other investment. Portfolio investment consists of equity (shares) and debt securities (bonds, bills, money market instruments) not above the 1 per cent ownership threshold for direct investment: portfolio investment indicates investment in a business or asset where the investor has no appreciable say in the operation of the business or asset; o for example, superannuation funds and financial institutions are major portfolio investors, spreading their investments across a portfolio of assets in international markets to maximise returns and balance investment risks on behalf of their members and investors (i.e. not having all their eggs in one basket ). Financial derivatives are financial instruments that are linked to a specific financial instrument, indicator or commodity, and through which specific financial risks can be traded in financial markets in their own right. Financial derivatives enable parties to trade specific financial risks (such as interest rate risk, currency, equity and commodity price risk, credit risk, etc.) to other entities who are more willing, or better suited, to take or manage these risks. Reserve assets (only recorded for Australian investment abroad) are the financial assets effectively controlled by the Reserve Bank of Australia. Other investment is the residual category and captures all other types of investment (excluding reserve assets) such as currency and deposits, loans, trade credit and accounts payable and receivable. Indirect investment comprises around two-thirds of Australia s total investment abroad, and around three-quarters of all foreign investment in Australia. See the Explanatory notes for more information. Example of Australia s portfolio investment abroad Australian Super, a well-known Australian superannuation fund, purchases stocks across a range of companies listed on the New York Stock Exchange.

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