Tightens the rules on the foreign purchase of agricultural land
On 1 February 2018, the Government announced its policy on purchase of agricultural land by foreign investors. Subject to exceptional circumstances, foreign investors will need to demonstrate that agricultural land they intend to acquire has been part of a public sales process and marketed widely to potential Australian bidders for a minimum of 30 days, ensuring that Australian bidders have had an opportunity to participate in the sale process. All acquisitions of agricultural land by foreign investors for residential development will also be subject to standard development conditions requiring development to commence within a five year period to prevent land banking. This condition already applies to acquisitions of vacant land.
Type: Entry and establishment (Access to land)
Industry: Primary (Agriculture, forestry and fishing)
- The Treasury (Media Release), Ensuring Australians can purchase agricultural land while foreign investment is geared toward jobs and growth, Feb 01, 2018