The ‘national interest test’ on foreign ownership of agricultural land
How do you balance attracting investment and protecting the national interest of Australia?
In a report by Luis Feliu & Hans Lovejoy, ‘Foreign ownership interest tested’ for Echo the federal government under its ‘national interest test’ approved an $18M macadamia farms sale to Chinese investors. This has sparked debate in regards to foreign ownership legislation.
Currently the legislation in place to protect and keep control of foreign investment in Australia include thresholds and a requirement that ‘foreign entities declare any ownership of Australian agricultural land on the Australian Tax Office Agricultural Land Register regardless of the land value’, however there are also law exceptions that apply to Australia’s trade agreement partners.
Read the article in full here for further information on legislation regarding foreign ownership of agricultural land:http://www.echo.net.au/downloads/byron-echo/volume-30/byronecho3040.pdf