The federal government has just two days left to make a judgment on joining the new Asian infrastructure bank pushed by China, The Australian Financial Review reports.
The proposed $US50 billion ($56.75bn) Asian Infrastructure Investment Bank is believed to have the Coalition split, with Treasurer Joe Hockey and Trade Minister Andrew Robb seen broadly supportive, while Foreign Minister Julie Bishop is among a number of more cautious MPs on the proposal due to governance worries.
“We should push for the fundamental principles that underpin institutions of this nature,’’ a senior government source told the AFR. “(However), it doesn’t meet our expectations of governance for a multilateral institution of this type.’’
The controversial fund has been the subject of criticism from the US and Japan, but has already drawn 20 foundation members.
