Tony Pasin (Barker, Liberal Party) Share this | Link to this | Hansard source

I rise today to address the concerns raised by an increasing number of constituents in Barker regarding foreign ownership of agricultural land. These concerns are being expressed to me via my electorate offices or in person as I travel around my electorate establishing mobile offices. I would like to take this opportunity to address these concerns.

I can assure the people of Barker and the wider nation that the coalition government is committed to a stringent foreign investment regime. The Australian community can have confidence that under measures enacted by this government foreign investment is being managed carefully in our national interests. Since coming to government, we have enacted legislation to significantly lower the threshold for Foreign Investment Review Board screening of proposed foreign investment in agricultural land and, indeed, in agribusinesses also. Prior to our coming to government, a foreigner or foreign entity could purchase a property to a value of $252 million before the FIRB would be required to consider the said purchase. Thanks to changes that we have enacted, that threshold is now set at $15 million for agricultural land and $55 million for agribusinesses. In addition, all foreign governments, their agencies or related state-owned enterprises continue to be required to notify the FIRB and receive approval before making any direct investment in Australia, regardless of the investment amount. That is essentially a threshold set at zero dollars. Our legislation has also established stricter penalties for foreign investors who breach the rules and increased application fees to ensure that Australian taxpayers no longer subsidise the cost of managing the Foreign Investment Review Board process.

The coalition government is also committed to compiling a comprehensive register of foreign ownership of agricultural land because, without that tool and without accurate details of what agricultural land is currently held by foreign entities, it is impossible to set our policy settings appropriately. Because of the acts of this government, from 1 July 2015 the Australian Taxation Office began collecting information on all new and existing foreign investment purchases in agricultural land, regardless of value. The ATO is compiling this information to establish a national register of foreign investors and their holdings, which will provide a complete and transparent picture of foreign investment in Australian agricultural land.

The government has also begun a conversation about establishing a register of foreign ownership of Australian water entitlements. I, of course, support the establishment of that register. These measures are not the complete solution, but they are a considerable step in the right direction to ensure that investment across my electorate of Barker and, indeed, the nation are made in the national interest. I look forward to ensuring further steps are taken to address the concerns of my constituents in Barker and those of the wider nation. As long as there is a coalition government, the people of rural, regional and remote Australia can rest assured that we will be acting in the national interest and that I remain, as their member, committed to ensuring they have a strong voice in this place.