Jurisdiction - Australia
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Australia – Foreign Investment In Agriculture Report Delayed.

10 December, 2012

 

In brief

 

Report by Senate Standing Committee on Rural and Regional Affairs and Transport examining FIRB’s national interest test now due on 27 February 2013.

 

On 22 November, it was announced that the reporting date for the Senate Standing Committees on Rural and Regional Affairs and Transport’s “Examination of the Foreign Investment Review Board National Interest Test” has been extended to 27 February 2013.

 

The Senate Standing Committee is considering issues associated with foreign investment in Australian agricultural land and agribusiness. The terms of reference for the examination include:

 

  • how the national interest test was applied by FIRB in relation to purchases of Australian agricultural land and Australian agribusinesses by foreign entities over the past 12 months;
  • the role of the government, regulators and receivers, including their obligations under the Corporations Act and/or the Foreign Acquisitions and Takeovers Act, including the role of ASIC, in upholding the test;
  • the global food task and Australia’s food security in the context of sovereignty;
  • the role of foreign sovereign funds in acquiring Australian sovereign assets; and
  • how similar national interest tests are applied to the purchase of agricultural land and agribusinesses in countries comparable to Australia. 

 

The Senate Standing Committee is also examining ways of improving the transparency of decisions made by FIRB.

 

For further information, please contact:

 

Tiffany Barton, Partner, Ashurst

tiffany.barton@ashurst.com

 

David Plant, Ashurst

david.plant@ashurst.com

 

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