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".
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"Add to this government's willingness to play footsie with the extremists who want to scaremonger over foreign investment," Dr Leigh told parliament.
