New Australian Party Threatens Investment, Reform

Foreign investment and economic reform in Australia face a powerful threat from a new political party that seized almost one-fourth of the vote in Queensland State elections this month. One Nation advocates restrictions on foreign investment, a halt to immigration, a hard line on Aboriginal issues, and cheap loans to farmers is now gearing up for federal elections, which Australian Prime Minister John Howard is widely expected to call later this year. At least 10 Taiwanese companies are reported to have postponed investment plans in Queensland since the party's success in state elections -- because of its perceived anti-Asian bias.