Cubbie Station sale to Chinese supported by just 13%

Only 13% of Australians approve of the sale of Cubbie Station cotton farm to a Chinese-led consortium, research by pollster UMR shows.

It found 63% of Australians are opposed to the sale of the southern Queensland property to overseas interests.

Some 24% are unsure.

The strongest disapproval came from Queensland and NSW, with pollster David Utting telling The Australian that disapproval was highest among older Australians, people in regional areas, those with trade or TAFE qualifications and middle income earners.

Nationals Senate leader Barnaby Joyce told The Australian he was not surprised by the poll results.

"There is always a sense that more precious than gold, more precious than silver, more precious than manmade constructions are the agricultural assets which are responsible for how we feed ourselves and how we see ourselves," he said.

Assuming the sale goes ahead, the 93,000 hectares will be 80% owned by Chinese textile manufacturer Shandong RuYi, and 20% by the Australian owned Lempriere. There is a Treasury FIRB requirement for the Chinese to divest some of their equity within three years

 

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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