Here are the facts!
Neither the Australia Bureau of Statistics nor any other government agency can accurately identify exactly how much of our country has already been sold off to foreign buyers!
What they can tell us now with limited accuracy is what percentage of agricultural & rural farmlands have been sold off to companies under foreign ownership.
A Parliamentary Senate report dated 18th February 2014 confirmed that in 2011/2012 a total of 24% of the Northern Territory had been sold to foreign buyers!
What is even more alarming is that between 2012 / 2013 that figure had increased to 32.7%, that’s a staggering 17.7 million hectares!
This means that a third of the Territory is no longer is owned or controlled by Australians! Now it is in the hands of foreign companies. The fact of the matter is that this land produces huge numbers of live stock and guess where it goes to?
Why don’t we know exactly how much of our Country is under foreign ownership?
This is UNBELIEVABLE!
Here is what the Parliamentary report said about how Government agencies collect information regarding foreign ownership & sales transactions.
Each state and territory in Australia has well-established land registration systems and processes. Excluding Queensland, no state and territory has a record of land transactions involving foreign entities. At the national level there are no land register or title system, let alone a record of land transactions involving foreigners.
States and territories capture ownership information relating to water access rights within register systems; these registers do not currently capture foreign ownership.
In other words they don’t know how much of the Country has already been sold off!
It’s really quite unbelievable……how could our governments allow this to happen?
The” Foreign Investment Review Board “is evidently in charge of policing.
Established properties are being sold off to overseas purchasers illegally.
Only recently the media reported how high profile sales of multimillion dollar
mansions have occurred in Sydney Potts Point next door to the Prime Minster's Sydney based residence.
These properties have been sold without any approval or knowledge of any
authority in government.
This does not give us a lot of confidence does it?
Here is what else the Senate report said:
There is no comprehensive data on Australian farm land owned by a specific country. However, recent media articles suggest that a number of large foreign private companies have been directly involved in buying farm land in regional New South Wales.
In expressing the community concern, The Sunday Telegraph on 26 February 2012, reported that:
Foreign countries are ‘secretly’ buying up large chunks of NSW farmland by establishing shelf companies, trust funds, and extended settlements to avoid scrutiny. More than 800,000 hectares of prime and fertile land, from Moree in the north to Deniliquin in the south, is foreign owned. Korea's Ho Myoung farm company is the largest stakeholder holding a whopping 500,000 hectares.
According to the latest figures from PRD Nationwide Research, Korea's investment has almost doubled in the past six months, while Switzerland ranks third with 74,448 ha of crop and livestock properties scattered throughout NSW.
The Sunday Telegraph claims that foreign government-controlled companies are eluding closer examination by:
- establishing Australian companies to skirt review
- employing scouts to identify and secure prime agricultural land
- using wealth funds funded by countries like China without the regulator's knowledge.
It is difficult to verify the accuracy of the figures reported in the aforementioned article as there is no official record available of foreign land transactions in NSW.