ABC NSW COUNTRY HOUR | Grain Producers Australia call for review of US farmland investment loophole

The Grain Producers Australia (GPA) is calling for a review of foreign investment rules that currently allow U.S. investors to purchase up to $1.46 billion of Australian farmland without oversight from the Foreign Investment Review Board (FIRB).

ABC NSW Country Hour explained this exemption, part of the 2004 Australia–U.S. Free Trade Agreement, has recently come under scrutiny after it was revealed that an investment arm of the Mormon Church spent nearly $500 million acquiring farmland in NSW and Queensland — without FIRB review.

GPA CEO Colin Bettles says the loophole urgently needs to be examined.

“We just want to know whether the current rules around the national interest are fit for purpose and [have] the transparency measures required," he said.

He also pointed out a perceived double standard in how investment from different countries is treated.

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