Asian Invasion: Singaporean Gov owns more Aussie assets than Australian Gov
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In accepting $4.5 billion of cash from Singapore Power for a suite of Australian electricity and gas distribution assets, Alinta shareholders will lift the total value of Australian business assets controlled by the Singapore Government to almost $30 billion.
This will exceed the value of commercial assets owned by our own Federal Government, which is surely an unprecedented situation for any First World country. How can a foreign power own more of Australia than our own government?
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The Singapore state has amassed an empire worth more than $200 billion — and it has now put more of it into Australia than any other country.
This compares starkly with the Howard Government, which has raised about $65 billion from privatisation — the biggest chunks coming from selling 83 per cent of Telstra ($45 billion), 50.1 per cent of the Commonwealth Bank ($5.15 billion) and the nation's airports ($8.5 billion).
With Medibank Private also slated for sale next year, the Government is left with only Australia Post, which made a net profit of $370 million in 2005-06 and is therefore worth about $7 billion. The residual 17 per cent stake in Telstra is worth $10 billion but the Government doesn't control it.
While other nations such as China, Singapore, Russia, Korea, Kuwait and Norway build up huge sovereign funds, Australia, with its world-beating dowry of natural assets, still has a Federal Government with a negative net worth of $10 billion in the middle of an unprecedented commodities boom.
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