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Consultations on the national foreign ownership register for agricultural land begin



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Senator Joe Ludwig Minister for Agriculture, Fisheries and Forestry

David Bradbury MP Assistant Treasurer

Minister Assisting for Deregulation

Joint Media Release

CONSULTATIONS ON THE NATIONAL FOREIGN OWNERSHIP REGISTER FOR AGRICULTURAL LAND BEGIN

A consultation paper on the national foreign ownership register for agricultural land is now available for public comment.

The paper seeks views on the design and coordination of the register, including:

• The scope and definitions of ownership interests and agricultural land that could be captured under a register;

• Any compliance issues that would need to be considered;

• Public access to information included in a register; and

• Any overlaps with existing regulatory requirements that would need to be considered.

The consultation paper was compiled by the foreign ownership register working group, chaired by the Treasury and comprising a range of Australian Government agencies.

The working group is encouraging interested stakeholders to share their views on how a national foreign ownership register for agricultural land could be designed and operated.

As part of the consultation process, the group will also be consulting with State and Territory governments to discuss existing land registration systems and processes when considering elements of a national register.

The development of a national foreign ownership register for agricultural land continues the Gillard Government’s work to improve transparency in foreign ownership of Australian agricultural land.

The Gillard Government continues to maintain an open and welcoming approach to foreign investment. Foreign investment in agriculture supports agricultural production, job creation and contributes to the prosperity of rural communities and the broader Australian economy.

A copy of the working group’s consultation paper as well as details about how to make a submission can be found on the Treasury website at http://www.treasury.gov.au/ConsultationsandReviews/Submissions. Submissions close on 1 February 2013.

2 November 2012