A good start

Australia is on the right track with sovereign wealth funds. It’s the first of the large Western nations to create an additional layer of screening for foreign government-backed investments. The move comes just two weeks after an audacious dawn-raid from Chinalco, a Chinese state-owned holding group, complicated BHP Billiton’s $150bn bid for rival miner Rio Tinto - both have extensive Australian assets. The new screen clearly distinguishes between private and state-backed foreign investment. Au...