Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I move:

That this bill be now read a second time.

The last bill in the package is the Register of Foreign Ownership of Agricultural Land Bill 2015.

The register bill complements the lower agricultural screening thresholds that the government has put in place to deliver better scrutiny and transparency around foreign investment into Australia's agricultural sector.

On 1 July 2015 the government established a register of foreign ownership of agricultural land operated by the Australian Taxation Office.

All existing holdings must be registered with the Australian Taxation Office by 31 December 2015 and any new interests registered within 30 days.

The ATO is collecting information such as the location and size of the property and size of the interest acquired.

The government is also working with the states and territories to use their land titles data to expand the register in the future.

For the first time, the land register will provide a clear picture on the actual levels of foreign ownership of agricultural land in Australia.

This package of legislation ensures that we continue to welcome foreign investment while having the capacity to monitor activity and ensure compliance. In doing so, these measures will ensure that continued foreign investment in Australia will benefit all Australians and our future generations. I commend the bill to the House.

Debate adjourned.