Statement by Pauline Hanson on Foreign Ownership

Statement by Pauline Hanson - 18th June 1998

Ladies and Gentlemen of the Press


At the outset, let me make it clear One Nation is not opposed to foreign investment, nor are we going to print money, but we do oppose excessive foreign ownership, and we do support viable alternative methods to finance our nation’s development.

Australia has always relied on foreign investment in order to finance the bulk of its business activity.

It is continually reinforced by politicians and big business that foreign ownership of Australian land and Australian industry is necessary and good for Australians.

One Nation disagrees.

In spite of ever increasing foreign ownership of our business and assets, we are becoming poorer, our unemployment queues continue to increase, our work force is becoming more part-time than full-time, and as our future looks more bleak, the opportunities for our children diminish.

In the long term, if Australia is to prosper and aspire to reach its full potential, we must reduce our dependence on foreign capital to finance our growth.

I quote from the Prime Minister from Hansard 10th December 1996:

“I look forward to the day when this nation no longer has to rely as heavily as it currently does on the savings of foreigners in order to sustain its high living standard.”

Our living standard continues to fall despite the foreign ownership our government continually says is good for us.

Our dependence on foreign capital cannot be reduced overnight, but we can make a start.

In Queensland, at a state level, we announced a trust to provide low interest development funding at rates of 2%.

The start up capital to be Au$150 million with the money made available by reprioritising small elements of the 1998 Queensland Budget.

We must investigate new ways to finance our nation, including investing Australian superannuation in Australia, providing incentives and facilities for expansion and adopting the Queensland Trust as a national programme.

I have also been informed the Reserve Bank can issue low interest credit for worthwhile purposes, and that such low interest loans properly targeted would be of immense help to Australians and yet not produce inflationary pressure.

Australia needs to have full and open debate on the effects of foreign ownership and alternative methods of financing our future.

I ask the Prime Minister to explain the hypocrisy of pledging hundreds of millions of tax payer’s dollars in loans to Indonesia and Korea, under terms described as commercial-in-confidence, and therefore unavailable, yet I am criticised for trying to help our own people with low interest loans.

I ask the Prime Minister to explain why he will make money available for loans to foreign governments but will not extend the same assistance to the battling Australians he pretends to represent.

Also, it is my pleasure to announce we have many fine candidates in place for the coming federal election but we still have some electorates that need representatives.

This is the last chance for patriotic Australians to put themselves forward in an effort to help break the Liberal Labor National stranglehold on our country.

Put up your hand and be a candidate for Pauline Hanson’s One Nation in this next federal election and take part in really making the difference for all Australians.

All you have to do is contact One Nation’s national office for details.

Now is the time.

Stand up and make a difference.

Join us in our fight to give a voice to the Australian people.

I call on honest decent patriotic Australians to join us and stand as One nation candidates.

I say again, now is the time.

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