September 8, 2016
The Federal Government has released Australia’s first report from the Agricultural Land Register, delivering on its commitment to increase scrutiny and transparency in Australian agriculture.
The Nationals Member for Gippsland Darren Chester said the Land Register showed foreign investors hold 13.6 per cent of Australian agricultural land.
“The register has shown the United Kingdom is the largest foreign investor in Australian farmland,” Mr Chester said.
“More than half of the 13 percent of agricultural land held by international investors is owned by United Kingdom investors.”
The countries with the next largest shares are: the United States, Netherlands, Singapore and China.
“Less than half a per cent (just 0.38 per cent) of Australia’s agricultural land is held by Chinese investors,’ Mr Chester said.
Mr Chester said, from now on, annual reports from the Agricultural Land Register will give more accurate data on agricultural and foreign investment.
Treasurer Scott Morrison said foreign investment was integral to Australia’s economy.
“It contributes to growth, productivity and creates jobs, but the community must have confidence that this investment is in the national interest,” the Treasurer said. The Agricultural Land Register has been introduced by the Federal Government to increase scrutiny and transparency in Australian agriculture; and is part of the government’s package of measures to strengthen Australia’s foreign investment regime.
The Australian Taxation Office (ATO) administers the Agricultural Land Register and receives information directly from foreign investors. All foreign investors with an interest in agricultural land are required to register that interest, regardless of the value of the land. The ATO matches land titles, immigration and other third party data sources to identify foreign investors who may not have recorded their land on the Agricultural Land Register. The Register as at 30 June 2016 is available on the Foreign Investment Review Board website www.firb.gov.au
