Investment in agricultural land draws parliamentary attention

All the recent buzz and political debate associated with the minerals boom has masked the ascension of that other Aussie boom. Foreign investment in Australian agricultural land has increased with China, South Korea, Japan, India, Saudi Arabia and the Gulf states leading the charge. As a result, Australian agribusiness prices have reached record highs and the attention has not gone unnoticed.

The Senate Economics Legislation Committee is inquiring into the Foreign Acquisitions Amendment (Agricultrual Land) Bill 2010 (Cth) which makes the foreign acquisition of agricultural land larger than five hectares compulsorily reportable to the Federal Treasurer.  The Treasurer will then have the option of blocking any such acquisition if it is contrary to the ‘national interest’.

The Senate Committee will be reporting its findings on 15 June.

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