"We should be selling the milk, not the cow."
Foreign investors grab for SA farmland
Peter Caldicott
7News understands Middle Eastern investors are trying to buy up prime farming land on South Australia’s Eyre Peninsula.
Some farmers who have been offered millions of dollars said they won’t leave at any cost.
Peter and Steve Glover are fifth generation farmers at Yeelanna and were shocked when an overseas investor offered to buy them out for 20 per cent above current market value.
“In this area – 10,000 acres, and so $30 million,” Peter Glover said.
But the brothers were quick to turn it down.
“Our place is not for sale, so it wouldn’t matter if you offered me double or triple, I’ll still say no,” Steve Glover said.
The Middle Eastern company that is interested in buying 40,000 hectares already has huge land holdings in every other state and is now looking at South Australia for the first time.
7News spoke to one real estate agent who declined to be identified, who said the sale of some farms are currently being negotiated, but the owners are required to sign confidentiality agreements to stop them talking to the media.
A foreign ownership land bill is currently before both the state and federal parliaments.
Local MP Peter Treloar said: “Currently, any foreign investment into agricultural land in Australia needs to exceed $244 million in value before it appears before the foreign investment review board, and I consider that far too high.”
Senator Nick Xenophon wants it reduced to $5 million.
“We should be selling the milk not the cow, we should be selling the food not the farm,” he said.
