Public Submissions Needed on Foreign Investment
September 2, 2011
Public Submissions Needed on Foreign Investment
The Federal Coalition is investigating the need to strengthen laws governing the sale of agricultural land and agribusiness to foreign owners. It is asking for input from interested community members by the 14th of September.
Over the past two financial years to July 2010, the land owned by foreign interests in Queensland tripled to 4.45 million hectares or 2.5% of Queensland. Only Queensland in fact keeps records of foreign land purchases. Foreign takeovers of Australian agribusiness have increased 10-fold since the election of Labor 4 years ago. Foreign interests can buy rural land to the value of $231 million with no checking at all unless it is a foreign government doing the buying.
Federal Member for Murray Sharman Stone said that “while we have benefited from foreign investment in the development of the Australian economy, it is important that we at least find out who is buying what, where and when. We are not looking to add extra red tape to the process, just to ensure that Australia is not left to guess who is buying our rural properties.”
“The Coalition seeks submissions from the public. As it stands, referral to the Foreign Investment Review Board, only kicks in when an overseas buyer lodges an intention to purchase 15% or more in an Australian business worth at least $AUS231million. Naturally this means that the vast majority of purchases are given the green light to proceed. In a country with only finite amounts of good soil and water, we need to be better informed and able to check what is in the nation’s interest.” Sharman Stone said.
“Should there be a change to the minimum level of investment that triggers a referral of a proposed purchase of agricultural land or an agribusiness to the Foreign Investment Review Board?
“Should the national interest test in the Foreign Investment guidelines include a reference to agricultural land?
“Should food security also be a specific consideration in the national interest test?
“New Zealand recently changed its foreign investment laws to stop any overseas investment in rural land over 5 hectares or any water front land. It is time Australians had a closer look at who wants to own the farm.” Sharman Stone said.
More background to the questions above is available by phoning (03) 5821 5371.
Written submissions can be sent directly to:
The Hon Warren Truss
Shadow Minister for Infrastructure and Transport
PO Box 6022
CANBERRA ACT 2600
Submissions should be received in Canberra by Wednesday 14th September 2011
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