Yet another Aussie icon has been sold to a foreign corporation. Victa lawnmowers has been sold to the US-based Briggs & Stratton Corporation, joining other famous Australian brands now owned by foreign interests, such as Aeroplane Jelly, Arnott’s biscuits, Chiko Rolls, Speedos, and Vegemite.
The selling off overseas of so many Australian brands and companies means that their profits go overseas as well, which means there is less money to spend in the national economy, resulting in less jobs (directly and indirectly) for Australian workers and more hard times for Australian families.
Australia should have some proper direction when it comes to Australian-owned companies. The Foreign Investment Review Board was meant to be looking after the interests of the Australian economy, but has failed to do so time and time again.
It’s time to support the Australian Protectionist Party’s campaign to protect our nation’s manufacturing industries and manufacturing jobs.
Victa Lawncare mown down, Herald Sun, 5 June 2008
Grass greener in US for Victa, The Age, 5 June 2008
Another Aussie icon heads offshore, The Sydney Morning Herald, 4 June 2008
Foreign Investment In Australia, Ausbuy, 15 April 2008
Famous Aussie Food Brands Now Owned By Foreign Companies
Foreign investment under the FTA: cutting red tape or cutting control?, ABC, 10 February , 2004
5 June 2008