Why the secrecy about Rudd Labor and Communist China?

28-March-2009

“Recent reports that China is bankrolling Rudd Labor’s cash splash are extremely alarming. Kevin Rudd is not just tying future generations of Australians to an enormous debt, but he is compromising our nation,” Sophie Mirabella, Federal Member for Indi said today.

“This issue is developing a striking resemblance to Gough Whitlam’s Khemlani Loan Affair. It is a Labor Government repeating history: Kevin Rudd borrowing on a Whitlamesque scale from a totalitarian overseas Government in secret.”

“The Chinese Government is reportedly buying up 15 to 20 per cent of the $2 billion in Treasury securities being issued every week. The Opposition is concerned that Rudd is backing Australia into a political corner, where Australia will be in political debt to the Communist powerhouse,” Mrs Mirabella said.

“We support foreign investment in Australia, but not at the price of Australia’s national interests. For one foreign nation to hold a large portfolio of Australian Government bonds is a serious threat to Australia’s sovereignty.”

“China already holds over $1 trillion worth of US bonds, giving it serious political muscle as the American economy weakens by the day,” Mrs Mirabella said.

“If this was to happen in Australia and China was to amass a bonds-portfolio of this scale it would leave Australia in a very bad position. While China is important commercially to Australia’s economy as a destination for our exports we do not want to politically compromise our policies and independence.”

“This comes on top of Kevin Rudd meeting in secret with the Chinese Governments Propaganda Chief Li Changchun in Australia. Ironically, the Chinese media were the first to break the story and Kevin Rudd’s office was reluctant to release any information on the meeting, only doing so under pressure,” Mrs Mirabella said.

“Why would the Australian Prime Minister meet with the Chinese Propaganda Chief in secret? The Australian people deserve to know what their Prime Minister was discussing with the Chinese Propaganda Chief. Disturbingly, reports suggest that they have been discussing the Chinalco-Rio Tinto deal, which is reliant on Australian Government approval.”

“Even Senior figures in Kevin Rudd’s Government are expressing concerns over the growing level of Chinese investment in Australia, highlighting national security issues. Kevin Rudd must choose his alliances more carefully for the sake of Australia’s national interests,” Mrs Mirabella said.

“The Labor Party has a policy of getting rid of the Queen – but China is more of a threat to our independence and democracy than our heritage of a Constitutional Monarchy,” Mrs Mirabella concluded.