New foreign takeover controls on farms?

Foreign acquisitions of Australian farms and agricultural companies are the target of a new Bill before Parliament.

Senators Xenophon and Milne yesterday tabled a private members' bill, the Foreign Acquisitions Amendment (Agricultural Land) Bill 2010.

If passed, this Bill would:

• require Federal Treasurer approval for the acquisition of an interest in farms of more than 5 hectares;
• require the Treasurer to consult a statutory checklist of "national interest" issues before approving such an acquisition;
• require the Treasurer to publish details of all agricultural land applications.

What acquisitions does the Bill apply to?

In broad terms, the acquisition of agricultural land by a foreign person currently only requires notification to the Treasurer if the purchase price exceeds $A231 million.