Beef and mining magnate Gina Rinehart has called for foreign ownership of Australian farmland to be capped at a maximum of 49 percent, to protect against breakdowns in international relations.
In an interview on Perth radio Ms Rinehart stated that she is very much pro-foreign ownership, but added that “there is a proviso on that”.
“And the proviso is that the majority ownership is Australian,” she told host Liam Bartlett.
“And that the management is Australian so that if you have an investor from wherever overseas coming in for anything up to 49 percent, what happens if there is no longer a good relationship with that country of the investor?
“You have still got all those fences he helped you put in, you have still got all those water tanks, those dams he has helped you put in, you have still got all the stockyards, all the weaner carriers, absolutely everything is still there.
“All the new accommodation, the improved accommodation, you name it, it is all there, all the new solar panels, everything.”
Ms Rinehart’s large scale cattle production enterprise encompasses multiple properties under Hancock Agriculture and S Kidman and Co, the latter owned 67pc by Hancock and 33pc by China’s Shanghai CRED Real Estate Stock Ltd in a joint venture.
In the radio interview she said the joint venture was working very well.
“I know in particular in our instance with Kidman, we did bring in and we still have of course with it a terrific partner and we actually have now smaller foreign ownership than before, and we have management and it is working very well.”
Ms Rinehart noted that there was a shortage of capital for agriculture in Australia, but it was important Australia retained control over its food supply.
She also made the point that Australia was already self-sufficient in agriculture but should also be seeking to be become self-sufficient in defence and medical supply industries.
“Food of course is (one) of those things, all of us have to eat, and I would just say it is one of those essential things that it is something Australia does incredibly well despite all the Government tape.
“It really does do agriculture very well and we can be very proud of our efforts in that respect.”
Gina continues to talk sense
bolstering our sovereignty
It just is common sense !
Clearly Gina does not think it is quite so common in Australia ?
Dear Ms Rinehart,
Foreign interest at the expense of Australian generations of great farmers needing to upgrade is against the best interests of Australians future both economically & security. We are there & have the capacity to do the job. Try buying 50% of any other country & they would lock you up as a threat to their security.
Even try to buy one percent & most countries will tell you a strong no. We should cut back foreign ownership very severely & do it right now.