Friday June 15 2012
News Source: Global Disclosures
Focus: Foreign Investment
Type: General
Country: Australia
The Gillard Government today announced a working group to consult on the development of a Commonwealth Australia foreign ownership register for agricultural land.
A national Australia foreign ownership register for agricultural land would provide the community with a more comprehensive picture of the specific size and locations of foreign agricultural landholdings over and above what is currently available.
A government working group will formally seek stakeholder views on the establishment of a register, including:
- What ownership interests should be captured under a register;
- How the register would interact with existing state and territory land title registers, including the Foreign Ownership of Land Register in Queensland;
- Ways to monitor and enforce compliance; and
- How information would be reported on and disclosed.
The Government will pursue a register where it will clearly improve transparency of foreign ownership in agriculture without imposing unnecessary burdens on investors or duplicating work already undertaken by State and Territory governments.
This consultation process continues the Gillard Government`s record of improving transparency in foreign ownership of agricultural land. In 2012 the Government announced funding for an on-going Australian Bureau of Statistics (ABS) survey, following an Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) study into foreign investment in agriculture. The Government has also released guidance on the factors considered by the Government when assessing foreign investment applications in the sector.
The working group will begin consultation with stakeholders and the States and Territories and will be led by Treasury and include senior officials from the Department of Prime Minister and Cabinet, the Department of Agriculture, Fisheries and Forestry and other relevant agencies.
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