Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

When the legislation passed, the coalition government delivered, as I indicated earlier, on a key election commitment. With global food demand projected to almost double by 2050, good quality agriculture and water assets in state geographical locations will become increasingly valuable because of the scarcity of the resources involved. Proper oversight and understanding of the level and nature of foreign ownership of our agricultural land and assets is about understanding Australia's long-term national interests.

A central Commonwealth land register will, for the first time, provide an accurate picture of foreign ownership of agricultural land in Australia. The register will include a stocktake of existing ownership, providing a clear picture of foreign investment in Australia's agricultural sector. Lowering the general screening threshold for agricultural land acquired by foreign investors from $252 million to $15 million, and the screening threshold for agribusiness from $252 million to $55 million will ensure that foreign investment applications are appropriately scrutinised.