Putting foreign ownership in the spotlight
3rd August, 2012
“THE Coalition discussion paper outlines important new measures to address widespread community concern about foreign ownership of land and agribusiness,” Leader of The Nationals and Chair of the Coalition’s foreign investment Working Group Warren Truss said at the discussion paper launch in Sydney this morning.“The policy proposals in the discussion paper will shed new light on the nature of foreign land and agribusiness ownership in Australia and help us to make informed decisions about what we want for the future of our nation.
“This is not an academic discussion. It goes to the heart of Australia’s capacity to remain in control of our own destiny.
“Australia has been dependent on foreign investment since the first days of European settlement and overseas capital will continue to be needed long into the future. Foreign investment has helped deliver innovation and new capabilities to Australian agriculture, which have made our country a world leader in food and fibre production.
“Too often Australians have not appreciated the real value of our agricultural land and our food producing industries, and their potential to feed and clothe a rapidly growing global population. Others, who do not have our natural resources, appreciate their value more than us.
“But Australians are entitled to test and scrutinise the benefits of foreign acquisitions to ensure they are in our national interest and, importantly, safeguard Australia’s food security.
“A national public register of foreign acquisitions is essential to inform debate. At present, only Queensland has such a register.
“There must also be effective scrutiny of foreign investment proposals and this paper outlines important reforms to the FIRB and its processes. The Board will have a broader range of expertise and new triggers will ensure that important acquisitions do not escape analysis.
“The policy proposes to also scrutinise aggregations – those acquisitions that, of themselves, may not appear to be significant, but when added to other buy-outs can represent a significant stake or controlling interest in marketplace.
“The Working Group proposes that there be a statement from the Treasurer explaining the importance of FIRB taking Australia’s food security into account is assessing foreign purchases.
“The changes we are proposing will enable us to transparently assess acquisitions and make sound decisions about who should own our agricultural land and agribusinesses.”
A copy of the Coalition’s policy discussion paper – Foreign Investment in Australian Agricultural Land and Agribusiness, is available from The Nationals’ website at: www.nationals.org.au.
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