Australia has a long history of foreign investment and continues to need capital inflow for establishing and growing business and industry. But recent governments have allowed foreign purchases of assets that do not create new jobs or new business. These purchases are nothing more than a transfer of ownership offshore. In particular, foreign ownership of agribusiness threatens the livelihoods of thousands of farming families who do not have the negotiating power to protect their own interests.
Foreign purchasers should be required to:
- Undergo a much more rigorous review process with lower triggers for assessment
- Demonstrate substantial job creation and value-adding to the economy
- Agree to conditions of approval that protect Australian jobs and the national interest
- Have their approval revoked if conditions are not met