Coalition Leads Investigation Into Recent Offshore Farm Investment

TONY Abbott is leading an investigation into foreign ownership of Australian property particularly farms), after a wave of complaints from agents and farmers that the current rules for offshore investors is resulting in much of the country being sold unbeknownst to the Foreign Investment Review Board.

The federal coalition announced the decision on Thursday (June 20) after calls from the Liberals, Nationals and the Greens for new rules to curb farm purchasers by offshore investors.

The Australian newspaper has recently reported a swag of foreign investors quietly snapping up major Australian properties. Buyers include China’s largest coal producer Shenhua and the Qatar  government.

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Despite Warnings, Offshore Investors Continue to Buy Australian Agricultural Land

DESPITE warnings from Queensland independent Bob Katter, overseas investors are continuing to snap up Australian agriculture land.

This time, the Swedish National Pension Fund is teaming with US institutional investor TIAA-CREF, making a commitment to invest more in Australia.

Through its Westchester Group, TIAA-CREF already controls 180,000 hectares of cropping country. The “TIAA” refers to the Teachers Insurance and Annuity Association of America, which took an 85 per cent controlling interest in Westchester Group late last year.

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