By Lindy Kerin, staff, ABC
Updated September 1, 2012, 11:41 am
.It's a disgrace'
The sale of Australia's largest farm to a Chinese textile firm has stoked controversy in parliament.
Concerns have been raised over the Government's approval of a foreign bid for Australia's largest cotton farm, with Nationals senator Barnaby Joyce labelling it "a disgrace".
Cubbie Station went into administration in 2009 with debts of more than $300 million.
Treasurer Wayne Swan has approved a consortium made up of Chinese and Japanese investors to make a bid for Cubbie Station, near Dirranbandi in southern Queensland.
The station was placed in administration three years ago with debts of more than $300 million.
Mr Swan said in a statement yesterday that the consortium, textile manufacturer Shandong Ruyi, had given undertakings on employment, management and water use.
But critics of the decision say Australia's national interests are at stake.
Dale Miller, a policy officer at rural lobby group Agforce, says the Federal Government must be careful when approving foreign purchases of agricultural assets.
"Agforce Queensland is not opposed to commercially motivated foreign investment, so let's make that clear," he said.
"Our main concerns are that that foreign investment doesn't compromise market competition or pricing for Australian commodity products.
"So as long as that foreign investment is effectively monitored and regulated, we do see some benefit in that capital flowing into our enterprises."
Mr Miller says the Government needs to be aware of Australia's national interests.
"One of the things Agforce has been calling for is the establishment of a national register to make sure that we've got the information that we need to effectively monitor foreign investment and to be able to make decisions about where that investment might be compromising our national interests," he said.
Nationals Senator Barnaby Joyce says Cubbie Station is vital to Australian agriculture, and described the decision as "a disgrace".
"If the ownership of Australia's biggest water licence, if the ownership in commercial terms of one of Australia's biggest properties - the biggest farm in the Murray-Darling Basin, a property responsible for in excess of 10 per cent of our nation's cotton crop - is not in our national interest, then the national interest is a farce, there is no national interest in agriculture," he said.
However, Mr Swan said a successful sale would be in the national interest.
"In the event the consortium is successful in acquiring Cubbie Group, it will report to the Foreign Investment Review Board every 12 months on its progress on meeting its undertakings," he said.
"The Government welcomes foreign investment in Australia and continues to ensure that investments are consistent with Australia's national interest."
Mr Swan says the consortium would initially have an 80 per cent stake which would reduce over time.
Lempiere, an Australian-owned wool company, will initially own the other 20 per cent of the company.
"Critically, Ruyi has undertaken to sell down its interest to no more than 51 per cent within three years," Mr Swan said.
Read more
Video "Largest Aussie farm sold to Chinese": http://au.news.yahoo.com/a/-/newshome/14726633/foreign-bid-for-cubbie-station-raises-concerns/
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