FIRB figures show rising China
Foreign investment in the finance and insurance sector has dropped, according to new reports.
The Foreign Investment Review Board 2013-14 Annual Report shows a decline of more than $AU1.2 billion.
In the 2013-14 year, just 22 proposals were approved in the finance and insurance sector.
Thirty-six proposals were approved in the same sector the year before, seeing proposed investment decrease from $2.9 billion to $1.7 billion.
The United States remains the largest investor in Australia’s finance and insurance sector, putting in $1.25 billion in 2013-2014.
The report says a total of 25,005 applications for foreign investment approval were considered in 2013-2014.
Of these, 24,102 were approved, 719 were withdrawn 181 were deemed exempt, and just three were rejected.
The real estate sector saw the greatest share of approvals, with 23,428 approvals in 2013â€‘14, almost twice the 12,025 approvals in 2012â€‘13.
The value of real estate investment approvals in 2013-14 was $74.6 billion, up by $22.7 from billion from 2012-13.
Foreign investment from China hit $27.7 billion, leading it to overtake the United States, at $17.5 billion, for the first time.
Other major source countries investing in Australia in 2013-14 were; Canada ($15.4 billion), Malaysia ($7.2 billion) and Singapore ($7.1 billion).