Proposed Changes to Farm Ownership Rules
The Federal government has proposed a new plan to give "trusted foreign investors" automatic approval to buy Australian farmland, potentially bypassing scrutiny from the Foreign Investment Review Board.
Treasurer Jim Chalmers is seeking feedback on the plan, which could affect the purchase of the nation's key agricultural assets by foreign buyers, including big US and Canadian pension funds.
- About 13% of Australian farmland is currently owned by foreign investors.
- The proposed changes aim to cut red tape for "trusted" foreign buyers.
Many rural Australians have long questioned the loss of the nation's key agricultural assets to foreign buyers.
The proposal has sparked interest, with some concerned about the potential impact on Australian agriculture.
Author's summary: Australia may ease farm ownership rules for trusted foreign buyers.