Knowledge

In June 2014 BNP Paribas – the fourth largest bank in the world – agreed to pay the US Government USD8.9 billion (this is not a misprint) as part of a plea agreement for conspiracy to violate US sanctions laws. And don’t be too impressed by the magnitude of that settlement, because the penalties that could have been imposed against BNP had it contested the charges would have been much more than that.

The ACT Government has announced a welcome “stimulus package” for the Canberra property and construction sector.

Australia has a long history of international investment in petroleum exploration and development projects. International investors are a crucial part of the growth and success of Australian petroleum projects and industry. 

The development of China’s coal and seam gas industries is now a key policy goal of the country’s peak economic planning agency, the National Development and Reform Commission (“NDRC”).

While Australia’s refinery industry is suffering – BP is the latest company to announce the closure of an Australian refinery – gas and petroleum exploration has just received a welcome boost.

Australia has a long history of welcoming international investment. Australia’s limited domestic capital, abundant resources and comparatively stable economy has attracted investors from across the world for decades. 

Developers often want to “lock-in” the value of the amenity and design of a new development, such as in a commercial precinct or new suburb. Similarly, residents of a street or suburb often wish they had some way of controlling what their neighbours do on surrounding blocks of land.

Australia’s Minister for Agriculture recently stated that “Australia’s future is one where we might not be a military superpower, we won’t necessarily be a superpower in other areas, but we will be a major Asian food power.” 

Security of payment has always been a vexed issue, for construction principals and for contractors alike. Legislative intervention in Queensland is now in place, and it has become clear that the extent of the intervention is much greater than clients and builders might have expected. 

When the new federal government was elected in September, the new Prime Minster Tony Abbot declared that Australia was once again open for business and for new investment. In the wake of this announcement, the Queensland Government has announced new coal investment and exploration opportunities in the coal-rich Bowen Basin.