Overseas investment into Aussie farms capped at $15 million
BARNABY Joyce has no issues with foreign investment in Australian farms.
But the Nationals deputy leader and Agriculture Minister yesterday said he didn't want to see that investment go unchecked.
"I've got no problems with foreign investment," he said.
"But I think the government has a duty to have a proper oversight as asked of us by the Australian people."
Mr Joyce said the Labor Party planned to allow individuals from overseas to buy up to $1 billion worth of property before having it examined by the government's Foreign Investment Review Board.
He said if an individual bought various pieces of land under that cap across Australia, the percentage of foreign ownership would soon add up.
"(The National Party) believe that after $15 million it needs to go to the Foreign Investment Review Board if you're looking at an individual from overseas," Mr Joyce said.