
AUSTRALIA'S foreign investment rules for farmland are making
us an international laughing stock, Independent senator Nick Xenophon said
yesterday.
The debate over foreign ownership of prime agricultural
assets has been reignited by Treasurer Wayne Swan's decision to approve the
sale of the giant cotton farm, Cubbie Station in southwest Queensland, to a
Chinese-led consortium. Textile manufacturer Shandong Ruyi has an 80 per cent
stake, with Australian wool firm Lempiere holding the rest.
But conditions imposed by Mr Swan include a requirement for
the Chinese-Japanese consortium to reduce its stake in Australia's largest
cotton producer to...