Coalition Tightens Rules On Foreign Land Grab

[icyfroth]

THE Abbott government has tightened the rules on foreign purchases of agricultural land in a bid to have a more transparent system.

From March 1 the Foreign Investment Review Board screening threshold for purchases will be reduced from the current level of $252 million to $15 million, with a foreign ownership register of agricultural land also due to be established.

Making the announcement in the NSW town of Murrumbateman, Tony Abbott said the restrictions would result in the “right investment” for the nation.

“Foreign investment is important to us but it’s got to be investment that serves our national interest, it can’t just serve the investors’ interests,” the Prime Minister said.

Mr Abbott also announced that the Australian Tax Office will start collecting information on all new foreign investment in agricultural land from July 1, regardless of value.

Agriculture Minister Barnaby Joyce said Australians living in regional and rural regions wanted a tighter control on “who owns what”.

“In the past we were left with this ridiculous scenario where someone could go to the north of Yass and buy $240 million worth of land one day, then go to the south of Yass and buy another $240m of land the next day … and never have to go to the Foreign Investment Review Board,” he said.

“People want to know that we are in control of our nation and we determine what happens and how it happens and we have complete transparency in how it happens.”

Further changes are expected within weeks aimed at foreign investment in residential real estate.
 

The Greens said the FIRB changes were a “step in the right direction” but called for an outright ban on the sale of agricultural land and water licenses to wholly-owned subsidiaries of overseas governments.

“It’s critical we make sure that Australia’s agricultural land and water are seen as key national assets not to be sold off recklessly,” Greens leader Christine Milne said.

“As global warming and extreme weather events disrupt food production worldwide, land grabbing and outsourcing food production by major importers of Australian food is undermining trade rules and threatening our food security.

Entire Article Here

Apparently Labor want to increase the threshold up to $1billion.

Mr Joyce said the amount of Australian land in foreign ownership is 2.2 times the size of Victoria.

Food for thought.

[lloydslights]

I'm a little confused.

Is the $15m limit on one plot of land? 

Or is it overall expenditure on parcels of land by one company?

If it is the former, say in Pimpy's area - except 1 plot at Curlewis - the limit  would have still been okay for the individual purchases that eventually creates a massive holding.

I know developers in residential areas, don't use their own money.  Say 4 individual investors buy 5 acre plots, totalling 20 acres. They each utilize the developing company to pull things together.

Can someone make it more simple for me?  

And am I correct in thinking this is a ploy to massage the general public that think Foreign ownership is "all wrong"?  

I'm all for anyone to invest in Australia but it must be an advantage for Australia as well. Not just Stamp Duty for the State on sale of land.  

DEB 

[idlewhile]

Good news for our sovereignty and very good news for our country.

Now all they have to do is cut the immigration back to the levels they said they would,  until this war is over, and the headwinds heading our way can be dealt with re the economy.

We can't take in more than we can afford no matter how much Miss Hanson Young lies and rants.

[icyfroth]

---

@lloydslights wrote:

I'm a little confused.

Is the $15m limit on one plot of land? 

Or is it overall expenditure on parcels of land by one company?

If it is the former, say in Pimpy's area - except 1 plot at Curlewis - the limit  would have still been okay for the individual purchases that eventually creates a massive holding.

I know developers in residential areas, don't use their own money.  Say 4 individual investors buy 5 acre plots, totalling 20 acres. They each utilize the developing company to pull things together.

Can someone make it more simple for me?  

And am I correct in thinking this is a ploy to massage the general public that think Foreign ownership is "all wrong"?  

I'm all for anyone to invest in Australia but it must be an advantage for Australia as well. Not just Stamp Duty for the State on sale of land.  

DEB 

---

Yeah the reduction eally doesn't make all that much difference does it.

Mr Barnaby made the point that all the land that has been bought for foreign ownership, in other words totally out of Australian ownership and no revenue at all for Australia, there was never any regulation, not a single phone call or flag from any regulatory body to government for investigation. 2.2 times the size of Victoria is now in foreign ownership and no one has bothered to even check whether it's ok.

If that goes on unchecked, he said, we might as well all pack our bags and go somewhere else, because we'll be living in someone else's country.

[vicr3000]

Icy

Very few credits being given by those who were complaining about over seas land buys the other week.

Doesn't surprise me though.

[debra9275]

that would be because it doesn't go far enough - and makes very little difference

I would also like to see tighter restrictions on residential property too.  Currently only Australian citizens are supposed to be able to purchase, so how they're getting around that is purchasing on behalf of overseas buyers

so no pats on the back for the govt from me yet 

[bimberiretrosystems]

DID YOU HEAR ISIS(ISIL) MADE A DECLARATION THE OTHER DAY THAT THEY ARE SENDING THEIR TERRORIST OPERATIVES AMONG REFUGEES TO INFILTRATE EUROPE AND AUSTRALIA.

If labor/greens get in power we are all totally stuffed-the borders will be right open in the name of their socialist humanitarian agendas- i guess this will be the way that the greens/labor control population, just like their rockefeller masters want-conquer and divide.

On the subject of population any real environmental scientist could have told us years ago that our country already has too large a population for our resources.  We already cannot sustain what we already have population wise.

[vicr3000]

---

@debra9275 wrote:

that would be because it doesn't go far enough - and makes very little difference

I would also like to see tighter restrictions on residential property too.  Currently only Australian citizens are supposed to be able to purchase, so how they're getting around that is purchasing on behalf of overseas buyers

so no pats on the back for the govt from me yet 

---

Why does it make very little difference ?

Might as well tell Abbott to save the money and scrap it and have no controls.

[***super_nova***]

It's difficult, if there is no development there are no jobs.  We do not have enough local companies to develop the land.  The same goes for the agricultural properties.  Cubbie station was for sale for how many years, before the government allowed it to be sold to o/s consortium?  It was more than decade:

http://en.wikipedia.org/wiki/Cubbie_Station

[vicr3000]

I do believe that some (quite a lot) of controls should be placed on the sale of good farming land - like Western Victoria as an example.

I know the area around Cubbie, I used to shoot up there.

To be honest, it is the "wet" farms I am more worried about that the big places of dry country that runs cattle and sheep.