For­eign own­er­ship

Business First - - NEWS -

Sin­ga­pore based Wil­mar In­ter­na­tional and Hong Kong based First Pa­cific look set to buy Aussie food icon, Good­man Fielder which has raised the ire of Aus­tralian en­tre­pre­neur and busi­ness­man Dick Smith.

“With more than 80% of prod­uct in a typ­i­cal su­per­mar­ket trol­ley al­ready ei­ther im­ported or com­ing from a for­eign-owned com­pany, how long will it take for this fig­ure to reach 90% or even 95%? And as these businesses go over­seas, so does Aus­tralia’s wealth,” Smith says.

“But does this truly re­flect the pur­chase in­ten­tions of Aus­tralians or is it be­ing forced upon us? Over 70% of Aus­tralians state they try to buy Aus­tralian made as of­ten as pos­si­ble. How­ever, even the most pa­tri­otic con­sumers who want to buy Aus­tralian-made-and-Aus­tralian-owned find they in­creas­ingly don’t have a choice and the prob­lem is be­com­ing ex­po­nen­tially worse.”

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