Good morning,One of Australia’s biggest resources players, Mitsui, has admitted a series of damaging policy interventions have made Japanese investors “nervous” , as the company moved to diffuse tensions with the federal government amid the threat of gas export controls. Mitsui Australia chief executive Masato Sugahara said: “While Australia has been a trustworthy energy supply country for the world, especially Asia, some Japanese companies are nervous about the stability of Australia’s energy supply.” Mr Sugahara’s comments, in an interview with The Australian, come after Japan’s former Ambassador, Shingo Yamagami, warned in a departure interview last month that some Japanese companies were now concerned about the “sovereign risk” in investing in Australia. Elsewhere, ructions in US and European banking markets and aggressive monetary policy tightening will change the mix of foreign banks operating in Australia in 2023, as some rein in activities while others capitalise on growth opportunities. That’s the view of law firm MinterEllison’s Foreign Bank Tracker 2023 report, which notes a risk some players repatriate capital to their home market to navigate the more difficult operating environment, but highlights others may seize on that to pick up market share. And the Australian Taxation Office has warned of a swift crackdown on rental property investors, after finding the overwhelming majority are filing incorrect tax returns. ATO assistant commissioner Tim Loh told The Australian regular reviews of property investors’ deductions have found “nine out of 10 returns are incorrect”. The warning came as the ATO unveiled its three big targets for tax time 2023, with lower refunds looming for millions and investors and workers face more scrutiny than ever before. |