AUCTIONS PLUS NEWS | Grain Producers Australia demands overhaul of foreign farmland ownership rules

Calls for urgent reform of foreign investment rules are being made following almost $500 million of land being purchased unchecked by a US organisation due to free trade agreement rules.

Auctions Plus News reported that the acquisitions made by US Mormon church entity Farmland Reserve, were exempt from Foreign Investment Review Board scrutiny as each purchase fell under the $1.46b threshold for review.

Grain Producers Australia Chief Executive Colin Bettles said questions around whether the rules for farmland purchase by foreign investors were fit-for-purpose needed to be answered.

“Given it’s a US-based company, the Foreign Investment Review Board has applied zero scrutiny to this $500 million purchasing spree – despite public outrage over Donald Trump’s escalating war on tariffs," he said.

“We need to properly and transparently examine these issues, in the current context. FIRB needs to be adequately resourced and empowered, to provide accurate advice to the Federal Treasurer on these matters, to ensure we can properly protect Australia’s national interest and safeguard our food producing sovereignty.”

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