China owns fraction of agricultural land: report

Less than half of 1 per cent of Australia’s agricultural land is owned by Chinese investors, while UK investors make up the largest proportion of overseas interest in Australia, according to a new report.

Just 13.6 per cent of all agricultural land in Australia is held by foreign investors, according to the Commonwealth’s first report on the Agricultural Land Register, with the UK accounting for 52 per cent of that carve-up.

The US, the Netherlands, Singapore and China were the countries with the next largest stakes, with China accounting for just 0.38 per cent of agricultural land.

The report follows news in April that Treasurer Scott Morrison had blocked the $371 million sale of Australia’s largest private landholder, S Kidman and Co, to a China-based company.

The Kidman portfolio covers about 1.3 per cent of Australia’s total land area, and 2.5 per cent of all agricultural land.

Mr Morrison said today that foreign investment was integral to Australia’s economy.

“It contributes to growth, productivity and creates jobs, but the community must have confidence that this investment is in the national interest,” he said.

“With more than $3 trillion worth of foreign investment in Australia today, we cannot afford to risk our economic future by engaging in protectionism.

“The land register is part of the Turnbull government’s package of measures to strengthen Australia’s foreign investment regime which will better help to protect our national interest.”