February 11, 2015<\/strong><\/p>\nThe Queensland Farmers\u2019 Federation has called for greater detail about the Federal Government\u2019s plans anout the treatment of foreign investment in agriculture.<\/p>\n
Prime Minister Tony Abbott announced today that the government would lower the threshold for Foreign Investment Review Board scrutiny of agricultural land to $15 million (from $252 million), and that it would also soon implement a register of foreign-owned land.<\/p>\n
QFF CEO Dan Galligan said the farming industry welcomed the implementation of the register, which may provide credible land ownership data so the issue could be better understood.<\/p>\n
\u201cBut implementing a lower threshold for FIRB scrutiny ahead of the register being developed pre-empts what it may reveal,” he said.<\/p>\n
“Lowering the threshold to this specific level may not be the appropriate instrument for dealing with this issue.<\/strong><\/p>\n\u201cIt is unclear what the lower threshold seeks to achieve in the context of the policy change as we don\u2019t know on what basis a sale would be accepted or rejected.<\/p>\n
\u201cIn the absence of that, there is a concern that this decision throws barriers in the way of foreign investment and sends the wrong message to overseas investors who see value in investing in Australian agriculture.<\/p>\n
\u201cWithout explanation of the long-term objective, it risks inconsistency with the government\u2019s objectives around free trade agreements and promoting our sector around the world.<\/p>\n
\u201cThe long-term objective should include promotion of agriculture as a profitable and productive place to do business, both for domestic and overseas investors.\u201d<\/p>\n
Mr Galligan said the QFF also wanted the Federal Government to clarify whether water assets would be included in its register.<\/strong><\/p>\n\u201cIt is imperative that we better understand what is happening with foreign investment in agriculture, so the register is a welcome step but very little progress seems to have been made on its development,” he said.<\/p>\n
\u201cForeign investment is a crucial part of the investment landscape and vital to growth and productivity. Our sector has relied on it.<\/p>\n
“We must resist basic calls that tread too close to fear without evidence, as this sends a negative message that the process for investment in Australian agriculture is too complicated and risky.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The Queensland Farmers\u2019 Federation has called for greater detail about the Federal Government\u2019s plans around the treatment of foreign investment into agriculture.<\/p>\n","protected":false},"author":20,"featured_media":12004,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3,36],"tags":[1134],"yoast_head":"\n
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