Foreign investment in Australia is going to be a major political hot potato for the Abbott Govt moving forward! As much as we need foreign investment in this country i can't see the long term benefits of selling off our best farm lands. Agriculture is the boom of future and Australia is well placed to profit massively from that boom to become the food bowl of Asia!
"Bitter harvest: Aussie families warn of foreign giants buying up the farm"
A premier grain district where flowering canola rises up to a man's shoulder, Stockinbingal, in the state's west, is becoming the land of the giants. US, Canadian, Arabian and Swiss interests are buying up multiple properties in the area, and the handful of Australian family farms that remain want the federal government to intervene. Farmer Peter Morton and his sons Gregory and Brad are the forgotten voice in the debate about foreign ownership, which is becoming louder since US company Archer Daniels Midland has made a $3.4 billion bid for Australia's biggest agribusiness, GrainCorp. The Nationals oppose the sale but Prime Minister Tony Abbott has made it clear he wants more foreign investment. Whether to allow the takeover will be one of the first decisions for the new Treasurer, Joe Hockey. Advertisement Even if control goes overseas, the Coalition is expected to introduce a national register of foreign farmland, and reduce the threshold so that deals worth $15 million or more need government approval. Cargill Corp, in the US, owns Graincorp's main rival, AWB. Peter Morton said foreigners were buying farms and dictating terms of trade. Their quest for land had forced up the price around Stockinbingal to a point where many family farmers could not afford to buy out neighbours when they retired. ''It is going to ruin small farms. Between here, Barmedman, Quandialla, you are talking 150,000 acres - 10 years ago it was owned by families. Today it isn't. It is owned by two or three companies,'' Mr Morton said. Gregory Morton, 27, wants to lease land to start on his own but Brad, 19, doesn't want a farm because of the financial risk of grain trading with multi-nationals. Mr Morton recalls a buyer last year who said he had $15 million to spend if anyone was interested. A neighbour, John Harper, is bewildered that foreigners see more value in GrainCorp than Australians do. ''That's why we have all this angst. There's all the great characteristics of being an Aussie farmer in rural Australia but there is no incentive, no security.'' Peter O'Connor, a broadacre farmer at Harden, does not think the government should block ADM's takeover. ''The horse bolted many years ago when farmers sold GrainCorp and floated it on the sharemarket,'' he said.
