FARM WEEKLY | Labor open to US trade deal audit after $500m Mormon buyup of local farmland

Large purchased of Australian farmland by the US-based Mormon church have gone unchecked due to free trade agreement rules and increasing concern across the industry and in Parliament has prompted Treasurer Jim Chalmers to agree these terms need a review.

Farm Weekly reported that Nationals Leader David Littleproud called for commitment in Question Time this Week and the Treasurer acknowledged there needed to be scrutiny applied to processes in the national interest.

Grain Producers Australia Chief Executive Colin Bettles welcomed this acknowledgement, and said the system needed to safeguard farmers from unintended consequences.

"Companies with serious economic muscle have been afforded significant taxpayer concessions by the government," he said.

"We recognise Australia welcomes foreign investment, but as the Treasurer said, it has to be in our national interest - not against the national interest."

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