Australia rejects 'protectionist' push to buy localAustralia on Sunday rejected calls for the government to favour local companies when spending money, saying a return to protectionism protectionism Policy of protecting domestic industries against foreign competition by means of tariffs, subsidies, import quotas, or other handicaps placed on imports. would be a "disaster" for the economy. Finance Minister Lindsay Tanner Lindsay James Tanner (born 24 April 1956), Australian politician, has been a Labor member of the Australian House of Representatives since March 1993, representing the Division of Melbourne, Victoria. said he understood why unions were pushing for Australian companies This is a list of companies from Australia. Many Australian companies have been taken over by foreign interests in recent years, so some of the formerly 'quintessentially Australian' brand names are in fact owned by American or Japanese mega corporations. struggling in the global downturn to get preferential treatment but that such policies would damage the country's trading reputation. "If we actually tilt the playing field artificially in their favour, that does them no benefits in the longer term and a return to protectionism would be a disaster for the Australian economy in the wider sense," Tanner said. "That is something we are absolutely committed to avoiding," he told Channel 10 television. Tanner said protectionist pro·tec·tion·ism n. The advocacy, system, or theory of protecting domestic producers by impeding or limiting, as by tariffs or quotas, the importation of foreign goods and services. pressures were emerging all around the world but Australia would continue to advocate global free trade. "It is just natural that people will want to look after their own backyard," he said. "It's often difficult to get the contrary point of view through." The Australian Manufacturing Workers Union The Australian Manufacturing Workers Union, or more fully, the Automotive, Food, Metals, Engineering, Printing and Kindred Industries Union (AMWU) ("The Metalworkers") is an Australian trade union that is registered with the Australian Industrial Relations Commission and is (AMWU AMWU Australian Manufacturing Workers Union ) said 76,000 jobs had been lost in the manufacturing sector in the past 12 months and the centre-left Labor government should be doing more to protect local workers. AMWU national secretary Dave Oliver said the government could maximise the benefit from the more than 50 billion dollars (40.8 billion US) it has spent on economic stimulus measures since late last year by choosing Australian firms. "(It) is about maximising local content to get the best bang for the buck," he said. Australia's most populous state New South Wales New South Wales, state (1991 pop. 5,164,549), 309,443 sq mi (801,457 sq km), SE Australia. It is bounded on the E by the Pacific Ocean. Sydney is the capital. The other principal urban centers are Newcastle, Wagga Wagga, Lismore, Wollongong, and Broken Hill. last month unveiled a policy that allowed local firms to bid up to 25 percent higher than overseas rivals for government contracts and still win the tender. The federal government criticised the policy as "misguided" at the time and raised fears it could spark a trade war. 
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