Recent decisions and policy changes to foreign investment rules suggest the Coalition government thinks that more regulation must be good for the economy. But it would be better if the government adopted Ronald Reagan's view that government is not usually the solution, it's the problem. The recent decision to block the sale of the Kidman & Co pastoral leases was apparently on the recommendation of the Foreign Investment Review Board, but I find the comments of Trade Minister Andrew Robb far more convincing and better aligned to the public interest. Robb said the decision was made for "political" reasons. In this case being "political" really means being populist. This...
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