Stricter rules on foreign investment in agricultural land
FEDERAL member for Page, Kevin Hogan, has welcomed the lowering of the threshold for foreign investment in agricultural land to $15 million and the establishment of a register of foreign ownership of agricultural land.
"This was a key election commitment and I am pleased the government has implemented it," Mr Hogan said.
"I would like to see Australian farmers owning Australian farms."
"This is not about blocking foreign investment - it is about providing the right level of oversight and scrutiny that our community and all Australians demand to ensure that any foreign investment is in our national interest."
The legislation formalises the new register of foreign ownership of agricultural land, and lowers the screening thresholds for foreign purchases of agricultural land and agribusiness by private investors from $252 million to $15 million (cumulative) and $55 million respectively.
"The establishment of a register will give us clear and accurate information on who owns what, and lowering the screening thresholds to $15 million and $55 million will allow the Foreign Investment Review Board (FIRB) more oversight and responsibility in scrutinising foreign purchases," Mr Hogan said.