Federal Member for Forrest for Forrest Nola Marino encourages community input to the Coalition’s Policy Discussion Paper on Foreign Investment in Australian Agricultural Land and Agribusiness.
“It is clear that we need to improve the scrutiny of foreign investment when it comes to agricultural land and agricultural business,” Mrs Marino said.
“Australia is being left behind by nations such as China, India, Brazil, the United States and New Zealand which have greater transparency.”
“Our future food security is a growing issue of concern for people in the South West and we need to address that issue now.”
Mrs Marino has made the documents available on her website.
“I encourage people involved in the industry and people with strong views on this issue to express their thoughts and concerns,” she said.
The Policy Discussion Paper seeks comment in relation to the following proposals:
– Developing and implementing a national register of foreign ownership of real property and a national register of foreign ownership of businesses valued above an appropriate threshold;
– FIRB consideration of any proposed foreign acquisition of agricultural land valued at $15 million or more (cumulative);
– FIRB consideration of any proposed foreign acquisition of an agribusiness where the investment exceeds $53 million or represents a stake of 15 per cent or more in an agribusiness valued at $244 million (whichever is smaller);
– The FIRB taking Australia’s food security into account in assessing foreign purchases of land and agribusinesses; and
– Requiring any foreign applicant subject to the national interest test to disclose any direct or indirect ownership or direct source of influence by a foreign government.
Submissions close October 31, 2012