Treasurer Jim Chalmers has approved Hanwha’s increase of ownership in WA-based shipbuilder Austal from 9.9% to 19.9%, with strict conditions to protect Australia’s strategic interests. Chalmers emphasized that the decision followed extensive consultation and aligns with the Foreign Investment Review Board’s advice. Hanwha will remain a minority shareholder with limitations on access to sensitive information and board appointments. Austal generates nearly 80% of its revenue from US contracts, which could benefit Hanwha amid a growing global defense sector.
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