Australia must re-double its efforts to make sure it remains an attractive destination for global investors and safeguard local jobs, Trade Minister Steve Ciobo has told parliament.
Latest figures show almost $118 billion of new foreign money was invested in Australia in 2015, down nearly $39 billion from 2014.
Mr Ciobo, delivering the government's annual investment statement on Wednesday, said a lower corporate tax rate - as proposed by the coalition - would help Australia "keep up with the pack".
"These figures show we can't be complacent about our attractiveness as a destination for foreign investment," he said.
Shadow assistant treasurer Andrew Leigh said the fall could be traced - in part - to a "hodgepodge" of restrictive rules around foreign investment and the coalition's "discriminatory screening thresholds".
"Add to this government's willingness to play footsie with the extremists who want to scaremonger over foreign investment," Dr Leigh told parliament.
