Greens strike deal with Coalition to tighten restrictions on foreign purchases of Australian farms


Federal Agriculture Minister Barnaby Joyce has applauded the Greens for striking a deal with the Coalition to increase scrutiny of foreign investment in farms and agribusinesses.

The deal comes as the Government faces criticism for knocking back a foreign bid for pastoral company S. Kidman and Co, but supporting the leasing of the Port of Darwin by a Chinese company.

Legislation to increase Foreign Investment Review Board (FIRB) scrutiny of sales to foreign investors will most likely pass the Senate this week.

Mr Joyce said it was a "clear indication" of the Coalition Government's commitment to give all Australians a "proper understanding about exactly who owns what, and also to provide proper oversight over who gets to own what".

As part of the deal, the Government also has agreed to establish a register of all foreign investment in water within 12 months.

Farmers in northern Victoria have complained that foreign investment in the water market has pushed prices beyond their reach.

Greens leader Richard Di Natale had previously signalled a willingness to work more closely with the Government.

In a statement, he told ABC Rural the Greens were "extremely proud to have a commitment, written into the legislation, that the government will establish a register of foreign-owned water entitlements, in addition to the register of foreign-owned land that we passed earlier this month.

"As global warming and extreme weather events disrupt food production worldwide, it's critical that we view Australia's agricultural land and water as key national assets, not to be sold off recklessly," he said.

Mr Joyce strongly supported the water register, saying, "You can make money out of mud, but you'll never make it out of dust."

http://www.abc.net.au/news/2015-11-23/greens-deal-to-pass-foreign-investment-bill/6963956

The Chinese stand to be very worried about arable land going forward.