The Coalition is calling on Treasurer Jim Chalmers and the Foreign Investment Review Board to reject the proposed foreign-backed acquisition of Victoria’s iconic Cobungra Station, warning Labor has already shown it cannot be trusted to protect Australia’s productive agricultural land.
The proposed sale of Cobungra Station to carbon investment manager Silva Capital remains subject to FIRB approval.
Shadow Minister for Agriculture, Fisheries and Forestry Darren Chester said Australians had every reason to be concerned after Labor approved the foreign takeover of Tasmania’s Rushy Lagoon.
“Labor has already signed off on the loss of one of Australia’s most productive farming enterprises in Tasmania, allowing it to be converted into a carbon project,” Mr Chester said.
“That decision showed Labor is prepared to put its net zero agenda ahead of Australia’s food security, regional communities and agricultural production.
“Now Cobungra Station is before FIRB, Australians deserve to know whether the Government will once again wave through the loss of productive farmland.
“We cannot continue replacing food production with carbon credits. Australia’s productive farmland exists to feed Australians, support regional jobs and strengthen our national food security.”
Mr Chester said the national interest test must recognise that food security is a strategic priority.
“Every hectare of productive agricultural land permanently diverted away from farming reduces Australia’s ability to produce food into the future.”
Shadow Minister for Energy and Emissions Reduction Dan Tehan said Labor’s carbon policies were distorting the agricultural land market and pricing farmers out of their own industry.
“Labor’s approach is creating a perverse incentive where foreign-backed carbon investors can outbid Australian farmers for productive land,” Mr Tehan said.
“We’ve already seen what happens when Labor is faced with this choice after they approved the sale of Rushy Lagoon.
“We don’t want to see history repeat itself at Cobungra.
“The Coalition believes Australia’s foreign investment laws should protect productive farmland, not facilitate its conversion into carbon assets.”
The Coalition is calling on the Treasurer to reject the proposed acquisition of Cobungra Station and send a clear message that Australia’s productive agricultural land should remain in food and fibre production, not be sold off to foreign-backed carbon investors.
The Coalition will also reinstate the Ministerial Veto power so the Minister for Agriculture can veto any project that will lock up prime agricultural land for carbon credits if it will have a significant impact on water, agricultural production and regional communities.
