January 31, 2018 / 10:28 PM / 3 months ago

Australia to put ownership restrictions on foreign purchases of electricity assets

SYDNEY, Feb 1 (Reuters) - Australia will impose new ownership restrictions in relation to future foreign purchases of electricity and distribution assets, the federal government said on Thursday.

“Electricity distribution and transmission infrastructure are critical national assets and a key national security safeguard is the diversity of ownership of these assets,” Treasurer Scott Morrison and Home Affairs Minister Peter Dutton said in a joint statement.

Morrison also said foreign investors will need to demonstrate that agricultural land they want to buy has been part of a public sales process and marketed widely to potential Australian bidders for at least 30 days. (Reporting by Byron Kaye, editing by G Crosse)

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