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 Bill 2010, the Federal Treasury said a lack of official information made it difficult to gauge whether existing levels of foreign investment were detrimental to the wellbeing of Australians.</p>
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The inquiry into foreign land ownership was initiated in response to a private members’ bill lodged by independent senator Nick Xenophon and Greens senator Christine Milne last year.</p>
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The bill calls for any future purchase of Australian land by foreign interests to require scrutiny under a national interest test if the transaction involves an area of five hectares or more. The current threshold required to trigger such scrutiny is $231 million.</p>
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It also proposes the creation of an online public register of all foreign purchases of farmland.</p>
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The bill was lodged in response to public concerns that Australia was “selling the farm” by allowing private and state-owned foreign investors to buy prime Australian agricultural assets and agribusinesses to bolster their own countries’ future food supplies.</p>
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The Federal Treasury has sternly opposed the bill, warning that placing tougher rules on foreign buyers would undermine an important source of investment in agriculture.</p>
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Foreign investment had made an important contribution to the growth and development of Australia's agricultural sector, Treasury’s submission to the inquiry said.</p>
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The proposed regulations would potentially breach Australia’s free-trade agreements and the call to identify foreign investors would also raise significant privacy issues.</p>
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However Senator Xenophon fired back by accusing the Treasury of being ''asleep at the wheel'' on foreign ownership in agriculture, and trying to justify a position that had allowed “open slather on foreign ownership without even knowing what the problem is”.</p>
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ABS’s submission said its study would provide “some information” on the level of foreign ownership of agricultural businesses to inform Government policy.</p>
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However the study would not be ongoing, because the ABS did not have the resources to continue the work on an annual basis, its submission said.</p>
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Treasury’s submission noted that Australia’s agricultural sector had historically been an attractive place for foreign buyers to invest.</p>
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This stemmed from its reputation as a high quality producer, its proximity to key Asian markets, the counter seasonal production benefits it offers in the northern hemisphere, its low sovereign risk, and its enviable productivity record. </p>
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