The Abbott-Turnbull Government is presiding over an alarming deterioration in Australias ability to attract the investment we need to build our economy and create jobs.
A new OECD reportshows foreign direct investment (FDI) inflows to Australia slumped by $US17.4 billion ($A22.8 billion) or 44 per cent last year.
This came despite total FDI inflows across the OECDs 34 advanced economy member countries almost doubling in 2015.
It followed disappointing investment results for Australia in 2014 when FDI inflows declined by $US17.3 billion or 30 per cent.
Australia has always relied on foreign investment to expand and build new businesses and to create new jobs.
As a country endowed with tremendous natural resources but a small population, we need to supplement domestic savings with foreign capital to fund the investments we need to grow our economy.
It is reprehensible that the Coalition Government is actively deterring foreign investment with its onerous new screening thresholds for investment in agricultural land and agribusiness and its layers of new red tape on investment proposals.
The new OECD statistics show the damaging impact that these anti-investment policies are having on the flow of investment into Australia.
This is the last thing Australia needs as we are seeking to transition our economy from the mining boom to new sources of growth and jobs.
These figures confirm the Abbott-Turnbull Governments promise that Australia is Open for Business is nothing more than an empty slogan.