MEMBER for Murray Helen Dalton says current Federal Government policy is benefiting foreign multi-national companies over mum and dad farmers and has called for more transparency over approvals for foreign purchases.
In NSW Parliament last week, Mrs Dalton said the $1.5 billion sale of baby formula manufacturer Bellamy to a Chinese company was just one example of important Australian assets being sold to overseas investors.
Mrs Dalton gave a speech on how government “is making decisions about foreign purchases in secrecy without proper review processes”.
“What chance does a young Australian family have you need a 50 per cent deposit to buy a farm if you’re competing against wealthy foreign multinationals with millions of dollars in their pockets?” she said.
“Why don’t we waive stamp duty to help young Aussies compete? Why do we give foreign companies Australian taxpayers dollars so they can build private dams? Why do we allow multinationals to dodge tax by shifting their revenue to other countries?
“We need to urgently review the rules around foreign ownership to bring our children up to a level playing field.”
Mrs Dalton highlighted the increasing amount of prime agricultural land and river water being bought by foreign investors.
She also made reference to the sale of large diversified Temora agribusiness to a Canadian Pension Fund last year.
“A group of Riverina farmers wanted to buy a large diversified agribusiness in Temora. They offered $270 million. What happened? The agribusiness was sold to a Canadian pension fund for $62 million less than the Australian farmers were prepared to pay,” Mrs Dalton said.
