Header-farmlandgrab-en3
Icon-globe   Icon-fb   Icon-twitter   Icon-rss  
Home About events Gallery Publish
Subscribe
Help

Who's involved?

Archives

Languages

Special content

Super funds call for tougher rules for foreign investment in agriculture
Published: 14 Jun 2017
Posted in:  Australia
Comments (0) Print Email this

Industry Super Australia claims foreign investors are cherry-picking the best Australian farming investments. (ABC News: Michael Barnett)
ABC | 14 June 2017

Super funds call for tougher rules for foreign investment in agriculture
 
By business reporter Sue Lannin
 
Industry superannuation funds have called for tougher foreign investment rules around Australian agriculture as they seek to ramp up their investment in the sector.
 
Industry Super Australia, which represents not-for-profit industry funds, said quality Australian farming assets were being cherry-picked by foreign investors.
 
Chief economist Stephen Anthony has called for a government register of foreign investment in Australian farm land.
 
"The first thing we want Treasury [to do] is to just keep a time series of agricultural land and to keep tabs on who owns what, with the assistance of the Australian Taxation Office," Dr Anthony said.
 
"We want to be very clear about what the crown jewel strategic assets are in agriculture, and we want to make sure they are off limits to foreigners."
 
Offshore money should go to new developments
 
However, Dr Anthony noted that Industry Super Australia was not opposed to foreign investment, but wanted to see more offshore money going into new developments.
 
"We also want to encourage foreign investment in greenfield activities such as, for example, northern development," he said.
 
"What we are calling for here is a really strategic approach.
 
"It's not anti-foreign investment, but what it's about is making sure we know what the best assets are."
 
Farms need to become more investment-ready
 
Industry Super Australia wants to encourage industry super funds to increase their investment in agriculture.
 
The sector currently has investments worth $1.6 billion in the Australian agricultural industry.
 
Dr Anthony said Australian farms and agriculture companies needed to become more investment-ready so investors could undertake proper due diligence.
 
He said an independent survey of farm performance and infrastructure audits was needed to measure rates of return across crop and livestock producers.
 
The former Treasury and Department of Finance official said government data could be drawn upon to provide independent assessments of the commercial value of the agricultural industry.
 
Dr Anthony also called for the establishment of a regional development bank to advise rural producers and provide long-term finance.
Source: ABC



Post a comment
Name

Email address (optional - if you want a reply)

Comment

Take action against the arbitrary arrest and detention of Cameroon land defender Nasako Besingi


Women in Africa launch petition to stop all forms of abuse against women in oil palm plantations. Please sign 


Kindly support the struggle against large-scale industrial oil palm plantations by Okomu Oil Palm PLC (a member of the global SOCFIN) in Edo State, Nigeria. Sign on with this link and share: http://erafoen.org/index.php/2017/07/28/uphold-edo-state-government-revocation-order-on-okomu-oil-palm-company-plc/


Who's involved?

09 Oct 2017 - Online
Online Dialogue on Responsible Large-Scale Agricultural Investment in the Mekong Region,
Smallfh_rubber rattanakiri 2010a Spacer
09 Oct 2017 - en ligne
Dialogue : investissement responsable dans l'agriculture à grande échelle dans la région du Mekong
Smallfh_plantation_logos Spacer


Languages



Archives