Chinese agricultural land ownership in Australia set to exceed UK ownership
There has been an increase of almost ten-fold in the volume of Chinese ownership of Australian agricultural land which shows China has climbed to second on the list of top 10 countries with the UK again in top position.
China’s volume of agricultural land in Australia now sits at 14.4 million hectares, according to the second report by the Commissioner of Taxation on the operations of the Foreign Ownership of Agricultural Land Register which was released recently by the Federal Treasurer Scott Morrison.
Of the 13.6 percent of all Australian agricultural land held by foreign investors, the UK owns about 27 percent and Chinese investors now own about 25 percent.
The total area of agricultural land in Australia with a level of foreign ownership has fallen slightly from 52.1 million hectares at 30 June 2016 to 50.5 million hectares at 30 June 2017.
The proportion of agricultural land with a level of foreign ownership (foreign held) has fallen from 14.1 per cent (adjusted) at 30 June 2016 to 13.6 per cent at 30 June 2017.
According to the report, foreign investors held 13.6 percent of all Australian agricultural land as at June 30 this year; down from an adjusted 14.1 percent on the same date last year.
Queensland had the highest volume of farmland involving foreign ownership interests with 16,386,000 hectares, comprising 5,482,000 hectares in freehold and 10,903,000 hectares leasehold.
Victoria had 665,000 hectares in total comprising 589,000 in freehold and 76,000 hectares in leasehold.
The Australian Taxation Office (ATO) administers the Agricultural Land Register and receives information directly from foreign investors who are required to register their interests under the new reporting regime.
Measurements of foreign interests in agricultural land according to farm-use was dominated by livestock production with 42,954,000 hectares followed by cropping 1,639,000 hectares, forestry 1,422,000 hectares and horticulture 296,000 hectares.