BY ZARA HANDSCOMB
The Port of Newcastle says its comfortable with its current contract arrangements with a Chinese company, despite the Defence Department considering scrapping a similar contract at the Port of Darwin.
Hunter MP Joel Fitzgibbon says a review of the China Merchants Group 98-year lease over the Port of Newcastle should also be conducted, however tearing up the contracts could cause serious issues.
"I don't understand why the government would say it's reviewing one Port but not another, they are both of great strategic importance," he says.
"Most if not all foreign investment is a good thing for the country, since our infancy we've relied on capital inflows from other countries. The Port should never have been privatised, but how do you tear up contracts retrospectively, that would send a terrible message to international investors."
A Port of Newcastle spokesperson referred to comments made by the Prime Minister last week, saying "...there has never been anything presented to me at Newcastle Port regarding any problems with Australia's national security interests".
The Port of Newcastle says it's "very comfortable
with the blend of domestic and international experience brought to the table by
its two equal shareholders – a local infrastructure investment fund managed on
behalf of institutional and mum and dad superannuants across Australia, coupled
with the world’s leading container terminal operator.”
