A new report shows that foreigners own “just” 13.6 per cent of Australian farmland, according to Liberal MP Sarah Henderson.
But Labor attacked her comments on the Agricultural Land Register figures as proving that coalition MPs were “incoherent and at war with themselves over foreign investment”.
Ms Henderson welcomed the register’s first report saying it was “designed to increase scrutiny and transparency in Australian agricultural ownership”.
The register revealed that foreign investors held just 13.6 per cent of all Australian agricultural land, she said.
Foreign farmland holdings in Victoria were 5.1 per cent.
Ms Henderson, the federal MP for Corangamite, said United Kingdom investors accounted for 52 per cent of the national figure.
The countries with the next largest shares were the US, the Netherlands, Singapore and China, Ms Henderson said.
She highlighted the Chinese holdings, saying they were less than half a per cent of Australian farmland.
“Foreign investment is integral for Australia’s economy,” Ms Henderson said.
“It contributes to our growth, productivity and creates jobs. Foreign trade and investment has always driven our economy forward and created jobs in Australia for Australians.
“Despite this, it is vital that Australians have confidence that these investments are in the national interest and that is why the transparency and scrutiny this register provides is so important.”
In response, Labor Corio MP Richard Marles savaged Ms Henderson and the Turnbull government over foreign investment.
“By tightening up foreign investment restrictions this government has put at risk investment for the future development of this country,” said Mr Marles, Labor’s defence shadow minister.
“The comments from Sarah Henderson today show that the government are incoherent and at war with themselves over foreign investment.
“Labor believes that foreign investment is critical and that a full register should have greater powers to help attract that critical investment.”
The Australian Tax Office (ATO) administers the Agricultural Land Register with information direct from foreign investors.
All foreign investors must register interests in agricultural land regardless of its value.
The ATO also has power to data-match land titles, immigration records and other third-party data sources to identify investors with unregistered interests.
The register is available at firb.gov.au.
