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Some perspective needed over foreign investment fears



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Media Release Andrew Broad Member for Mallee

Email andrew.broad.mp@aph.gov.au Media contact: Kirsten Lloyd

Web www.andrewbroad.com Email kirsten.lloyd@aph.gov.au

Phone 1300 131 620 Phone 0418 445 233

Wednesday, 9 March 2016

SOME PERSPECTIVE NEEDED OVER FOREIGN INVESTMENT FEARS

The Member for Mallee, Andrew Broad, has moved to allay fears about foreign

investment, saying restrictions that were put in place last year have ensured that

foreign purchases of agricultural land are limited by what is in our national interest.

“I understand that some people are concerned that our prime agricultural land is

going to end up in the hands of foreign investors, however, I can assure those people

that this is not the case.

“Statistics show that our agricultural assets are still largely locally owned and with the

establishment of the Foreign Ownership and Land Register which complements the

Agricultural Land and Water Ownership Survey (ALWOS), we have a better

understanding of foreign ownership of Australian land than we’ve ever had before.

The most recent survey conducted by the ALWOS provided a clearer picture of

foreign ownership and showed that just under 90% of all Australia’s farmland is fully

Australian owned.

Mr. Broad said that the Foreign Investment Review Board (FIRB) has tightened its

restrictions over the last 12 months whilst broadening its scope, to increase the

scrutiny on purchases.

“The new rules for foreign investment have improved transparency and we can all be

comfortable in the knowledge that FIRB assesses all proposed investments to

ensure there are no breaches of the lowered thresholds.”

Mr. Broad warned people against seeing all foreign investment as a ’bad thing’,

saying that some investment from overseas was an indication of commercial

confidence and helped to stimulate local economies.

“It’s about moderation and with the FIRB we are monitoring all investment to ensure

Australia’s interests are prioritised.”

ENDS