WeeklyTimesNow | 23 March 2011
Editorial
FOR the sake of our farmers and our national food security, the Federal Government needs to get tough on Australia's foreign investment policy.
Real estate agents have reported increased interest in Australian farmland from foreigners.
As the issue of food security heightens, that interest, and actual sales, are tipped to rise further.
Both Australia's peak foreign investment review body and the Federal Government do not track foreign investment sales.
And currently, no one in power has any real idea how much of our farm land is owned by foreigners.
Add to this the fact the potential foreign investors don't even have to apply for permission to invest for land sales under $231 million, and it becomes painfully obvious that Australia has a serious problem on its hands.
Australia's foreign investment policy is outdated and stands in stark contrast to the legislation in many neighbouring countries.
New Zealand's foreign investment advisory body requires applications from foreigners to buy properties of more than 5ha, yet Australia lets international purchases take place without scrutiny.
That's not to say that all foreign investment in Australia is bad news.
It has allowed some struggling farming families the opportunity to get out, and at the very least it provides a good injection of capital into the country.
But it is important to distinguish between foreign investment of a commercial nature and that which seeks to secure food supplies for other countries.
Currently there is not enough scrutiny to ensure Australia's food supply will remain secure into the future.
A public national register to monitor the level of foreign ownership of our rural assets is essential.
Additionally, the Federal Government needs to change the current foreign investment policy in order to strike a balance between our existing farming communities and our trade partners.
The Government is conducting an audit of foreign investment in Australia, but more needs to be done.
Community concern is reaching fever pitch and it is now more important than ever to enact change.
