AUSTRALIAN FINANCIAL REVIEW | The chequebook of Mormon: $500m on Australian farms in six months

The US Mormon church, bolstered by untold fortunes, is buying up large tracts of Australian farmland without scrutiny due to a $1.46b threshold on review due to the existing free trade agreement between the two countries.

The Australian Financial Review reported that significant land aggregations in both Queensland and New South Wales had been purchased over the past 12 months, adding to its large property portfolio in the US.

Grain Producers Australia Chief Executive Colin Bettles said the issue needed to be referred for inquiry, as it was a concern for farmers and industry groups.

“It is totally unacceptable that a foreign entity, emboldened by significant tax advantages … should be allowed to accumulate significant volumes of farmland, and cannibalise Australia’s food producing capacity,” he said.

Read more