Big Pond News | Saturday, May 29, 2010
There are growing concerns that a legislative loophole could allow vast tracks of Australia's farmland to be sold to the Chinese Government.
The Farmers' Federation says if the loophole isn't closed immediately, our most valuable resources could be lost to overseas interests.
Australian agriculture generates about $39 billion every year.
But the Chinese government is interested in Australian farm land to grow grain and cattle to sustain its booming population.
It is already in negotiation with some Tasmanian dairy farmers.
Farmers' Federation spokeswoman Carol Vincent says the situation is unacceptable.
'What we're essentially doing is hijacking our own resources,' she said
'There is no other country on earth that would allow a foreign government to buy up its resources.'
The Federal Government has already banned foreign ownership of residential properties, unless the owner is living there.
But the legislation does not extent to rural properties.
Independent Senator Nick Xenophon says the issue has largely gone unexamined.
'This issue has been under the radar - it now needs to be on the radar,' he said.
'Unless we act now, Australia's food security is at risk.'
Senator Xenophon says a Senate inquiry into the issue is required.
