Foreign investment laws 'lopsided' says senator

AUSTRALIA'S lopsided rules on foreign investment have protected urban homes and residential land but allowed open slather on farming land, according to New South Wales Senator John Williams.

Senator Williams made the comments after questioning the executive director of the Treasury's markets group, Jim Murphy, in Senate estimates this week, about the sale of the nation's largest cotton farm, Cubbie Station.

The sale of the massive station to a Chinese-led consortium was approved by the Foreign Investment Review Board in August and finalised last week.

Senator Williams said he was told the rules were tougher for foreign interests to buy homes and residential land than for farm land, "so as not to inflate the housing market".

Similar concerns about overpriced foreign offers on agricultural land pushing up valuations in regional Australia were raised by Nationals MPs and Senators in recent months.

"Foreign persons are prohibited from acquiring established dwellings for investment purposes or as homes except in certain circumstances, and there are tight restrictions on other residential purchases, some of which need approval," Senator Williams said.

"However, it is open slather on farming land.

"Foreign investors can buy up and force the prices up which is good for equity, but can price those wanting to expand their holdings out of the market.

"It is a policy that seems lopsided."



Fire crews put out burning car at Shopping Centre

Fire crews put out burning car at Shopping Centre

A car has burst into flames at a shopping centre car park

Brief and precious years after father, son reunited

Brief and precious years after father, son reunited

Precious few years with dad remembered.

Jeremy Marou to headline Summer Surf Girl fundraiser

Jeremy Marou to headline Summer Surf Girl fundraiser

Money raised on Saturday night will support Tannum Sands SLSC.

Local Partners