A report by the Australian Bureau of Agricultural and Resource Economics and Sciences says that more than 10% of Australian farmland is owned or part owned by foreign firms. Foreign interests also own about 9% of water entitlements and just over 1% of agricultural businesses.
Close to 11% of Australian farmland was owned, wholly or partly, by foreigners at the end of 2010 according to the report. This was nearly double the amount of foreign owned land in 1984. Foreign ownership has risen significantly in recent years partly because mining companies were buying up land for exploration.
The Assistant Treasurer, Mark Arbib, commented that the report addressed community concerns about foreign ownership and showed that Australia’s regulation of foreign investment “protects the national interest”.
The ABARES foreign ownership report was considered a “whitewash” by the Shadow Minister for Agriculture and Food Security, John Cobb, as the current rules for investment are outdated and fail to address Australia’s modern food security needs. At present the Foreign Investment Review Board (FIRB) is only required to investigate agricultural land buy-outs above $231 million. He commented that “there is no doubt that foreign investment has been, and will remain, vital for the development of agriculture in Australia, but we need the information and policy controls to make necessary adjustments if this investment runs contrary to Australia’s national interests.
Source:
http://www.maff.gov.au/media_office/media_releases/media_releases/2012/january/abares-report-provides-facts-about-foreign-investment
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