Australian Biotech and Healthcare Top the List for U.S. Investor.

Business Editors

LOS ANGELES--(BUSINESS WIRE)--Jan. 29, 2004

Australia's healthcare and biotechnology sectors offered the best opportunities for investment, according to leading U.S. investment firm Wilshire Associates' Private Equity Group.

Tom Lynch, managing director of Wilshire Associates' Private Equity Group said Wilshire "had a wonderful 2003" with its Australian investments and expected continued success in 2004.

Wilshire is a major investor in Australian businesses, with investments in 155 companies totaling $US450 million.

Lynch said Australian investments were typically great value and moderate to low risk relative to other private equity markets.

"We can turn our investments around quickly and get our money out with higher returns than most other investment environments," he said.

"We do see some very interesting opportunities in the software side in Australia but I think where we see the most opportunities right now is in healthcare services, as well as biotechnology, where certain schools and research laboratories in Australia have a global competitive advantage," Lynch said.

"Other good buys in Australia could be found in the business service sectors."

"As Australia has gone through this evolution of moving into a more service kind of economy, becoming more of a regional leader or regional platform, there is great need and demand for business services," Lynch said.

Invest Australia Senior Investment Commissioner Robert Hunt said Australia was already firmly on the investment community's radar with its impressive economy and sound economic fundamentals that have made it one of the strongest economies not only in the Asia-Pacific, but in the world.

According to Moody's latest report on Australia's credit rating released 18 August 2003, credit strengths for the country are:

-- strong growth performance over the past few years,

demonstrating the economy's ability to withstand international

cyclical fluctuations;

-- open trade policies and a market-oriented regulatory regime,

providing a favorable environment for growth and investment.

Hunt said Moody's Investors Service raised Australia's foreign currency country ceilings to 'Aaa' from 'Aa2' in October 2002 and reaffirmed its top 'Aaa' credit rating in January 2003.

www.investaustralia.com