Property

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."

Topics:  cubbie station, farming land, foreign investment, market, senator




Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Having battled PND four times, Mel says the secret is sleep

'I just thought, don’t all mothers get no sleep?’

'My husband lasted 6 weeks as a stay at home dad'

APN Hey Mummy Feature for online - stock images. Katie Dykes being interviewed for the webisodes. Photo Marc Stapelberg / The Northern Star

FROM the outside, being a stay at home mum looks like a breeze.

THE EXPERT: Stop judging working mothers

SUPER MUMS: Being a working mums comes down to perfecting time management.

"WORKING for money is all right; so is working because you want to.”

Health and nutrition with kids - how do you balance it?

HOW important is health and nutrition in your household?

Smack or no smack - where do you stand?

THE debate is reignited - is smacking acceptable?

Technology and kids: Do you ever cut their wi-fi?

Check out our new video series featuring mums having a chat

Woman who collapsed in centre airlifted to Brisbane

Shocked shoppers watch on as paramedics perform CPR on a person who collapsed inside Rose City Shoppingworld.

Woman was critical after incident at Rose City Shoppingworld

Latest deals and offers


Artists transform street with yarn art

Jumpers and Jazz in July Diggers Garden Group entry from 2015.

Tree-jumper art is the latest creation in Warwick's CBD.

Clive Palmer to re-open refinery

Clive Palmer on ABC radio.

Clive Palmer talks about his achievements, election chances and re-opening the...

Passers-by revive elderly woman at Warwick shopping centre

Warwick police officer-in-charge Sergeant Jamie Deacon speaks at the Rose City...

Burnett Heads housing development approved

COUNCIL APPROVED: A Burnett Heads housing development has been approved by Bundaberg Regional Council. Photo Contributed

Councillors approved the development seven votes to four