Foreign airline controls lifted
By
LES BLOXHAM,
travel editor The Government has lifted entirely the 50 per cent restriction on ownership of domestic airlines by foreign airline companies. Earlier this year Ansett of Australia was granted an exemption to enable it to take over control of Ansett New Zealand.
Announcing the total relaxations in a joint statement yesterday, the Minister of Civil Aviation, Mr Jeffries, and the Minister of Finance, Mr Douglas, said the latest decision would regularise and clarify the Government’s policy on future foreign investment proposals. The .Ministers said it would also help cement the gains from competition.
“The price of domestic air fares has already fallen 21 per cent in real terms over the year ended June last, as a result of greater competition,” they said. Proposals for investment by foreign airlines above a 25 per cent shareholding will still require Overseas Investment Commission approval and will be subject to the current directions on criteria being met by an investor.
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Press, 14 September 1988, Page 11
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163Foreign airline controls lifted Press, 14 September 1988, Page 11
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