05 March 2015

Final two weeks to have your say on foreign investment

Those involved in the agricultural sector have two weeks left to put forward a submission to the Federal Government’s Consultation Paper Strengthening the Foreign Investment Framework.

The issue of foreign investment is one which many people in Corangamite have raised with me and I encourage people with concerns to make a submission.

The consultation paper is asking for feedback on the definition of agricultural land and the definition of agribusiness—neither of which are currently used within the foreign investment framework.

The definitions which are agreed upon will determine what is captured by the government’s new lower foreign investment screening thresholds of $15 million for agricultural land and $55 million for agribusiness.

The foreign investment framework currently only looks at land as either being ‘rural land’ or ‘urban land’. It is also essential that we get the definition of agribusiness right.

Some people believe agribusiness should be defined as farming enterprises only, while others believe the first stage of basic processing after the primary product leaves the farm gate or the forest should also be included.

We also need to consider whether it should cover basic handling and wholesale trade of such commodities.

It is vital that individuals and organisations who are concerned make a submission.

Submissions close Friday 20 March 2015. To make a submission go to: http://www.treasury.gov.au/ConsultationsandReviews/Consultations/2015/Strengthening-Australias-foreign-investment-framework

5 March 2015