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Support moves to protect Australians’ assets - Brown

Greens Leader Bob Brown today urged politicians of all stripes to engage in a mature debate about ownership of Australians' assets, including farm land and minerals wealth.

"The Australian Greens have one initial solution - the Foreign Acquisitions Amendment (Agricultural Land) Bill 2010 jointly sponsored by Christine Milne and Nick Xenophon - with all acquisitions by foreign interests to be subject to a proposed $5 million threshold," Senator Brown said in Hobart.

"The bill was introduced into the Senate on 24 November 2010 and was subject to a Senate Inquiry which reported on 16 June 2011."

"The bill provides legislation for a national interest test which includes factors such as national security, any impacts on competition and global industry or market outcomes, any impact on Australian tax revenues, any impact on the Australian economy or community, the character of the investor, and requires online publication of applications of interest in agricultural land."

"There would also be penalties for when a foreign person acquired agricultural land without notifying the Treasurer."



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