FOREIGN OWNERSHIP OF AUST FARMLAND MUST BE BANNED
Another Australian-based land and logistics business has been sold to foreign investors (‘Farmers shocked by pension fund purchase’, Stock Journal November 22) as the NSW agribusiness BFB is sold to Public Sector Pension Investments, a Canadian pension fund.
Just like what happened with Cubbie Station a few years ago, a higher bid from a local syndicate was overlooked. The questions about this transaction are still awaiting an answer.
Once again the Foreign Investment Review Board had to approve the deal and in doing so assessed it as being “in the national interest”.
The factors affecting this vague criterion include that it provides no threat to our economy, the community, national security, competition or taxation.
The last item ‘taxation’ seems to be overlooked because foreigners have the advantage of managing the books by repatriating interest and loan repayments to their home country so as to make little or no profit to attract Australian tax.
The article also promoted the myth that we need foreign money because our agriculture is under capitalised.
Does anyone imagine Gina Reinhart will do more than tweak the operation of the Kidman properties, which have adopted sustainable methods established across generations?
If any case exists where development is required, Australia has the material and skills to achieve it.
We have a banking system able to match that advantage with funding.
To avoid all of the FIRB issues in the future, we should ban foreign ownership of our farmland.
The only people grateful for foreign ownership of our land are present or potential sellers.
Without the foreign bids, prices would soon level out and even some young aspiring Australians would have better opportunities to enter farming.
We are unable to buy land in many foreign nations, so Australia can adopt the same rule.
This will safeguard us from the “globalist” policy of no borders and no nations pursued to the detriment of sovereign nations.
Ken Grundy,
Naracoorte.
LIBERAL MEMBERS DESERVE PRAISE FOR CROSSING FLOOR
From the South Australian parliament’s House of Assembly public gallery, it was great to witness the four Liberal MPs standing up for what they believed in and crossing the floor on Tuesday last week in support of consultation on proposed changes to mining legislation.
The efforts of Mining and Energy Minister Dan van Holst Pellekaan to rush this bill through have thankfully been halted.
Farmers are not disputing the fact that the state owns the mineral resource.
The existing Mining Act 1971 gives protection to arable land, including orchards and vineyards.
If an exploration company wishes to drill exploratory holes, the landholders have to sign a waiver of exemption to give them access to the land.
The sticking point for farmers in this new bill is that it gives much more power to exploration companies than they already had under existing laws.
If a farmer doesn't want drilling on this land they then have to engage a lawyer and go to court. Thus far the exploration companies haven't lost a case.
There is said to be 100 years’ supply of copper in the north of SA, so farmers question the wisdom of destroying our precious food-producing land for short-term monetary gain.
To say that mining and food production can coexist in the same area is disingenuous.
