Foreign Investment plans welcomed

WAFarmers has welcomed the Federal Government’s announcement that scrutiny in to the foreign investment of farmland will increase.

From March 1, the Foreign Investment Review Board (FIRB) will scrutinise foreign farmland purchases of agricultural land in excess of AU$15 million, a significant decrease from the previous threshold of AU$252 million.

The Government has also promised to establish a national register of foreign investment with the Australian Taxation Office recording new land purchases as of July 1.

“This is the third government that has promised a register so we’re pleased that it’s going to happen,” WAFarmers President Dale Park said.

“This will hopefully give us the facts about foreign ownership but we await further detail on how robust the information is,” Mr Park said.

Ends.

All media requests can be directed to WAFarmers Media and Communications Officer Sophie Kilby on (08) 9486 2100 or [email protected].

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