David Gillespie (Lyne, National Party) Share this | Link to this | Hansard source

My question is to the Deputy Prime Minister and Minister for Infrastructure and Regional Development. Would the Deputy Prime Minister please update the House on what actions this government has taken to ensure sustainable foreign investment in agricultural land and agribusiness?

Warren Truss (Wide Bay, National Party, Leader of the Nationals) Share this | Link to this | Hansard source

I thank the honourable member for his question. He, like most Australians, appreciates that over the years Australia has depended very heavily on agriculture and our farming industries to underpin our national economy. For more than a hundred years it was said that our country rode on the sheep's back, and wool and other farm industries certainly underpinned our national economy. But over recent times there has been a growing interest in the importance of our agricultural land, particularly in these days of food security concerns and growing populations around the world, and our precious agricultural resources are regarded very highly around the world.

We have always had foreign investment in agriculture in Australia. You can go right back to 1788. From then onwards, there has been foreign investment in agriculture, and that investment has played an important role in developing modern agriculture, bringing new technology to our country. But we have a right as a nation to be sure that investments in our country are not contrary to the national interest.

Over recent times, there has been an explosion in foreign purchases of land in this country. In Queensland, the only state that has a register of foreign ownership, the level of foreign land ownership has trebled over the last decade, under the watch of the previous Labor government. They stood by and did absolutely nothing.

Mr Perrett interjecting—

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

The member for Moreton, if he wishes to stay, will cease interjecting.

Warren Truss (Wide Bay, National Party, Leader of the Nationals) Share this | Link to this | Hansard source

They had a trigger in place for reporting to the Foreign Investment Review Board, but it was so high that there was no farm in the country that would ever set off the trigger—would ever, in fact, have to be reviewed. Under Labor, a foreign investor could come in and buy every single farm in Australia without ever having to ask. They could have bought every farm in the country without ever having to ask. But, of course, if a foreign investor wanted to buy a little house in the town near the farms that he had bought, he did have to go to the Foreign Investment Review Board to get approval. Under Labor, any farm was for sale, but for houses in town you had to ask. This was simply not a policy that was in our national interest.

Mr Brough interjecting—

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

The member for Fisher will desist. You will withdraw.

Warren Truss (Wide Bay, National Party, Leader of the Nationals) Share this | Link to this | Hansard source

We are making a decisive change. Once the purchases reach $15 million or the purchase is valued at $15 million, Foreign Investment Review Board approval will have to be sought.

Ms Owens interjecting—

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

The member for Parramatta is warned!

Warren Truss (Wide Bay, National Party, Leader of the Nationals) Share this | Link to this | Hansard source

This means that we will have an understanding of what level of foreign ownership there is in our country. We will still welcome investment that is in our national interest, but we will know what is happening, and we will have a say to ensure that our precious agricultural land is used productively also for future generations.