ABSTRACT
This Chapter examines the policies adopted by Australian governments towards those investors, particularly over the period 1972-5. By the late 1960s, the extent of foreign ownership and control in the mining industry was causing concern to many Australians. The Australian Industrial Development Corporation (AIDC) was chosen as the agency through which it was hoped to mobilise private domestic investment capital for resource exploitation. The Liberal and National Country parties opposed the Bills on a number of grounds. Though accepting the need for foreign investment in exploration, the government did insist that Australian concerns be invited to participate in all new exploration ventures. Under provisions of the Income Tax Assessment Act implemented in 1968 and prior years, mining companies and certain of their shareholders were permitted to reduce and/or postpone their liability to taxation by means not available to other taxpayers. In general, Liberal or Country Party governments operated on diametrically opposed assumptions throughout the post-war period.
