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Gillard government to consult on foreign ownership register for agricultural land
Senator the Hon Joe Ludwig Minister for Agriculture, Fisheries and Forestry
The Hon David Bradbury MP Assistant Treasurer
Minister Assisting for Deregulation
Joint Media Release
GILLARD GOVERNMENT TO CONSULT ON FOREIGN OWNERSHIP REGISTER FOR AGRICULTURAL LAND
The Gillard Government today announced a working group to consult on the
development of a Commonwealth foreign ownership register for agricultural land.
A national foreign ownership register for agricultural land would provide the
community with a more comprehensive picture of the specific size and locations
of foreign agricultural landholdings over and above what is currently available.
A government working group will formally seek stakeholder views on the
establishment of a register, including:
â¢ What ownership interests should be captured under a register;
â¢ How the register would interact with existing state and territory land title
registers, including the Foreign Ownership of Land Register in
â¢ Ways to monitor and enforce compliance; and
â¢ How information would be reported on and disclosed.
The Government will pursue a register where it will clearly improve transparency
of foreign ownership in agriculture without imposing unnecessary burdens on
investors or duplicating work already undertaken by State and Territory
This consultation process continues the Gillard Government’s record of
improving transparency in foreign ownership of agricultural land. In 2012 the
Government announced funding for an ongoing Australian Bureau of Statistics
(ABS) survey, following an Australian Bureau of Agricultural and Resource
Economics and Sciences (ABARES) study into foreign investment in agriculture.
The Government has also released guidance on the factors considered by the
Government when assessing foreign investment applications in the sector.
The Government continues to maintain an open and welcoming approach to
foreign investment, including in the agriculture sector. Foreign investment in the
agricultural sector brings significant benefits to Australia and opportunities for
Australian farmers. It can help to generate higher employment and incomes,
investment in infrastructure and improvements to our food production
capabilities, often in regional areas.
According to the recent report by ABARES, Australia’s foreign investment policy
provides a considerable level of scrutiny of foreign investment proposals and
operations of foreign-owned agribusiness in Australia.
While there has been minimal change in foreign ownership levels of agricultural
land in Australia since 1984, the ABARES report highlights the need for better
data sources to provide a more comprehensive picture of how the landscape of
foreign investment in agriculture may be evolving.
The working group will begin consultation with stakeholders and the States and
Territories and will be led by Treasury and include senior officials from the
Department of Prime Minister and Cabinet, the Department of Agriculture,
Fisheries and Forestry and other relevant agencies.
15 June 2012
Media contact: Melissa Patch 0418 734 413 (Mr Ludwig’s
Justin Koek 0400 126 939 (Mr Bradbury’s