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FDI: Entry and ownership rule
On 2 May 2015, the Australian government announced a package cracking down on foreign property ownership. It includes new fees on foreign acquisition applications as well as lowered thresholds for foreign acquistions of agribusiness (55 instead of 252 million AUD).
Previously, the threshold was lowered for rural land (15 instead of 252 million AUD) and an agricultural land register was announced. It would be introduced on 1 July 2015. All foreign investors possessing agricultural land will have to declare the land's size, the amount of interest acquired and their country of origin in the register (cf. Related Measures).
Prime Minister Abbott was quoted in the media saying "We want to ensure that locals are getting a fair go, that the playing field is at least level and, if possible, slightly tilted towards the locals".
According to the Treasury, the new regulations are going to applying starting 1 December 2015.
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