ABC NSW COUNTRY HOUR | Call for review of foreign farmland investment rules
- colinbettles3
- 2 days ago
- 1 min read
In an interview with NSW Country Hour, Grain Producers Australia Chief Executive Colin Bettles has welcomed Treasurer Jim Chalmers’ indication he is open to reviewing foreign investment thresholds, following revelations a US-based group bought nearly $500 million worth of Australian farmland without scrutiny.
Mr Bettles said the current $1.46 billion threshold for US investors is “a very, very big loophole in terms of Australian farmland ownership” and leaves large acquisitions unchecked.
He added that the issue goes beyond one case and requires a national plan.
“We don’t have a national strategic plan that understands the level of foreign ownership of Australian farmland and I think it’s in everyone’s interests, including national interests and Australian farmers, that the Treasurer has current advice and we have better mechanisms that are fit for purpose," he said.