The benchmark for Hockey’s GrainCorp test

Australia is increasingly hungry for foreign capital, but must send the world the right signals about its role in our growth. The split around GrainCorp does not augur well for Joe Hockey.

The proposed sale of agribusiness GrainCorp to American firm Archer Daniels Midland is Treasurer Joe Hockey’s first big foreign investment test – and the road ahead on foreign investment isn’t going to get any easier. Australia is a capital hungry economy, requiring foreign investment to drive growth and raise living standards. It’s been an important job generator over the past six years as almost one million jobs were created.

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