Noosa News | 18th January 2011
Even when foreign companies bought swathes of land on the Sunshine Coast, it was a time to “manage” that investment, not fear it.
Cr Lew Brennan said foreign investment is essential.
Even when foreign companies bought swathes of land on the Sunshine Coast, it was a time to “manage” that investment, not fear it.
That’s the word from economic development councillor Lew Brennan about the Hong Kong-based Nexis Holdings purchasing a 4060-hectare Yalanga property near Kin Kin for $25 million.
It was its second major investment in our agricultural land after it snapped up a 50-hectare Coast macadamia farm for $20 million.
Cr Brennan said the publicly listed company, which specialises in affordable housing, “had better have done its homework” on its investment, considering the council had no plans for urban development in these areas.
“They would want to be aware that, if they plan to develop, it is not part of the council’s vision,” he said.
“But I think Australia will see a trend in this direction as companies, particularly Asian, will be trying to secure access to our food bowl areas,” Cr Brennan said.
“Food will become more scarce as the world loses farmland and the opportunity for export will grow.
“However, how they see the future is not something I can comment on.”
The debate on foreign ownership of farmland has been fuelled by South Australian independent Nick Xenophon, who introduced a private member’s bill in late November to tighten laws on foreign investors targeting farmland.
Cr Brennan said it was a “multi-faceted” debate because Australia did not have the economy to be independent of the foreign dollar.
“Australia can’t survive on its own. It doesn’t have the money to sustain the economy,” Cr Brennan said.
“And that’s a well recognised view.
“We would collapse if all foreign investment was withdrawn.
“But the concern is where the profits from these investments are going.
“I’m not a tax lawyer but I see that as the major issue.”
Cr Brennan said another danger could lie in foreign enterprises securing Australia’s strong food producing regions exclusively to export produce overseas.
“As things become more pressing on food supply, too much export could have an impact here on the quality of food.
“But at present, it’s something not to be feared, but managed.
“They can’t take the land with them.”
It is understood that Nexis Holdings has a $500 million budget to purchase farmland between northern New South Wales and North Queensland.
