Unlike Singaporeans nationalism matters more than money for Australians

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By: Frank Doe

The Straits Times today reported that “Opportunity to make billions more lost when Ausgrid stake sold to locals and not Chinese“.

Ausgrid is a state owned electricity infrastructure company, owned by the Government of New South Wales and operates the electrical distribution networks to a greater part of Australia. The New South Wales state government has just declared that it had sold 50.4 per cent stake in Ausgrid to two Aussie funds in a deal valued at A$20.8 billion and rejecting an offer of A$25.1 billion from State Grid.Corp of China, thereby foregoing a whopping difference of A$4.3 billion.

This is amid public opposition to allow foreign ownership of critical and sensitive national installations for security concerns, particularly of state-owned Chinese enterprises.

This is very different from what we do here – like Temasek Holdings selling Senoko Power to foreign owned Lion Power Holdings for S$3.65 billion in 2008 and Tuas Power to Chinese company, Huaneng Power International Inc…

To the Australians it’s not all about money. Nationalism comes first. To us it’s all about money.