Revised guidance on foreign purchases of agricultural land
On 25 September 2018, the Australian government issued revised guidelines on the application of the requirement for an open and transparent sale process for foreign purchases of agricultural land, a requirement that had been made explicit on 1 February 2018. The requirement has been refined to only apply to sales of agricultural land that are intended to be used for a primary production business or residential development. The revised guidelines also introduced further exceptions, including leasehold interests or licences – except where they have freehold characteristics, and allows for alternative means to ensure participation by Australian bidders in land sales.
Type: Entry and establishment (Access to land)
Industry: Primary (Agriculture, forestry and fishing)
- Press Release , Revised guidance — open and transparent sale process requirement, Sep 26, 2018
- News Letter, Foreign Investment Review Board guidelines amended, Oct 02, 2018