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The US-Australia investment relationship
On Monday, 14 August, the Treasurer Scott Morrison launched a first-of-its-kind report from the United States Studies Centre at the University of Sydney (USSC) detailing the deep benefits of the US-Australia investment relationship.
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The study points out the fact that US investment in Australia is currently A$860 billion – that’s A$345 billion more than the next largest investor, the United Kingdom.
Titled Indispensable Economic Partners, the study was supported by the American Chamber of Commerce in Australia (AmCham).
It also highlights the important contribution of ExxonMobil subsidiary companies to Australia.
“The ExxonMobil Australia group has been operating in Australia since 1895,” said ExxonMobil Australia Chairman Richard Owen. “Our business covers a wide range of petroleum related activities from oil and gas exploration and production, to petroleum refining and supply of fuels and lubricants.
“Throughout our history, we have continued to adapt and grow by applying advances in technology to meet the growing energy needs of the country.”
According to economic analysis by ACIL Allen, when you add-up the direct and indirect benefits of ExxonMobil’s investments to date, they represent an increase in Australia’s GDP equivalent to almost $6 billion a year for a century from the 1960s through to the 2060s.
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