THE Victorian Farmers Federation (VFF) says that regional Australians have been betrayed by the decision to raise the Foreign Investment Review Board (FIRB) purchasing threshold.
Last week, the FIRB threshold for reviewing purchase of Australian business, including farmland and water, was raised from $231 million to $244 million.
Andrew Broad, VFF President, said that the policy is contrary to long-term national interest.
“The VFF already had concerns that the FIRB threshold was too high, but this increase makes it clear regional citizens’ concerns are not being taken seriously.
“The FIRB threshold needs to be reduced by a considerable amount to ensure that farmland is going to be used in the national interest.
“Agriculture land and water is a precious resource. FIRB has a role in protecting that resource for Australia’s future. This includes a considerably lower threshold for the evaluation of farmland and water purchases.
“Over the next 40 years, there will be an average of 50 million more mouths to feed every year, with little or no extra farmland. Food security will soon be a major driver of farmland ownership and this needs to be recognised by the Federal Government before it is too late,” Mr Broad said.
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