Foreign investors on hunt for Aussie farms

(Sunday Night) China is on the hunt for new food sources to feed its one and a half billion people and its central government has ordered $3 trillion be spent securing food and farmland overseas.

A significant share of that fortune is already flowing to Australia — a trend likely to increase with the signing of a Free Trade agreement with China last month.

The timing of the shopping spree couldn’t be better for the Chinese, with so many Aussie farms going broke. Banks are looking to sell properties and overseas buyers are eyeing off our clean, green land.

Read more and see Part 2 of the video report

AM Comment: A foreign land register will be a toothless tiger. Foreigners will simply buy properties that fall under the $15 million trigger. All foreign purchases of Australian land should be recorded regardless of the sale price. We’ve all missed the point here anyway – foreign nationals and governments shouldn’t be allowed to own Australian properties. If anything, lease only!