Exclusive: Report suggests scheme is a solution to a crisis that is ‘largely exaggerated’

A proposal to set up an Australian Pacific infrastructure investment bank might repeat the mistakes of a disastrous past program from the 1980s that the Howard government axed in 1996, a new report warns.

The prime minister, Scott Morrison, announced the $2bn Australian infrastructure financing facility last year as part of Australia’s “Pacific step up”, which is aimed at combatting rising Chinese influence in the region.

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Read More Coalition’s Pacific bank misguided and has echoes of axed 1980s scheme, report warns

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