Bill targets foreign acquisition of Australian farms and agricultural business

Senators Xenophon and Milne recently tabled a private senators' bill in Federal Parliament (the Foreign Acquisitions Amendment (Agricultural Land) Bill 2010.) in late November 2010 directed at the foreign acquisitions of Australian farms and agricultural companies.

If the Bill were to become law it would require the Federal Treasurer to:

• approve the acquisition of an interest in farms of more than 5 hectares in size;

• consult a statutory checklist of "national interest" issues before approving such an acquisition;

• publish details of all agricultural land applications.

An interesting article posted to Mondaq by Clayton Utz takes a closer look at the legislation and considers:

• the type of acquisitions the Bill would apply to

• how the Treasurer would determine the "national interest" for the purposes of the Bill

• what information would be made public about applications under the Bill

Is such legislation a good or a bad idea? Would it protect Australian interests or discourage foreign investment?

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