AUSTRALIAN RURAL & REGIONAL NEWS | GPA: USA FIRB free pass totally unacceptable

Grain Producers Australia is calling for rigorous rules controlling Australian farmland purchases made by foreign investors, particularly those countries with existing free trade agreements.

Australian Rural & Regional News highlighted GPA's concerns, following reports in the media that $500million had been spent by the US-based Mormon church to buy large tracts of farmland unchecked.

GPA Chief Executive Colin Bettles said the Foreign Investment Review Board needed to be across purchases to protect Australia's national interest and safeguard food producing sovereignty.

Mr Bettles said the House of Representatives Standing Committee on Primary Industries was a credible option for such an inquiry – or the Senate Standing Committees on Rural and Regional Affairs and Transport. 

“Such an inquiry will ensure all stakeholders can submit their concerns, in gathering evidence to thoroughly evaluate these matters, and ultimately make informed recommendations, on appropriate reforms,” he said.

“If the FIRB national interest test isn’t fit-for-purpose, and risks our sovereignty, while putting our farmers at a competitive disadvantage, then it needs to be urgently updated and modernised, before it’s too late.” 

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