Save locals from foreign business: Argus 22/10/2009 1:24:01 PM BHP Billiton Ltd chairman Don Argus says Australia needs policies to ensure foreigners do not squeeze out locals to invest in the country's natural resources.
Mr Argus said Australia must make certain the right "economic rent" is charged for access to mining assets.
"How do we encourage ongoing local investor participation in these growth opportunities?
"Are we heading for a Canadian experience where local shareholders lose opportunities to invest in the development of a country's endowment assets," Mr Argus told a Melbourne luncheon.
He said foreign investments were nonetheless vital and Australia stood on the cusp of a boom.
"I believe we stand at the threshold of an era of unprecedented growth due to demand generated by China and, in the future, India - and we are not alone in this assessment," Mr Argus said.
The BHP Billiton chairman was critical of the federal government's new workplace laws.
He said Australia needed a flexible labour market to support growth in the mining sector.
"The Fair Work Act provides a different environment, where our challenge of continuous improvement and maintaining our competitive position is impacted by the requirement that we must negotiate collectively with bargaining representatives from the unions on a wide range of issues," he said"
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