Labor to sell off the farm

[Rorschach]

Federal Government approves Cubbie farm sale to Chinese-led consortium
* by: By Simon Benson, National Political Editor
* From: The Daily Telegraph
* September 01, 2012 12:00AM

TREASURER Wayne Swan last night approved the sale of Australia's largest privately owned farm and water user to a Chinese-led consortium.

The decision to approve the sale of Cubbie farm in Queensland followed a green light from the Foreign Investment Review Board. For years been thinking these people are morons.

As part of the conditions for approval, Cubbie will be managed and operated by Lempriere. The farm, which went into receivership in 2009 with debts of $300 million, holds around 50 water licences and uses 500,000 megalitres of water a year - more than the capacity of Sydney Harbour.

Bitter cross-border disputes have marked its history, with NSW farmers in the nation's food belt arguing they have been deprived of water because of the failure of Cubbie and the Queensland government to release flows from its massive upstream dams.

Heritage listed wetlands in NSW have also suffered from the refusal of Cubbie to release environmental flows into the Murray Darling system.

But Mr Swan last night said water management would not be affected by the sale. Sure Wayne.

The $320 million cotton station has been under administration for three years, with the government unable to find an Australian buyer. So lets just give it to the Chinese?

A consortium negotiating the sale will be 80 per cent controlled by Chinese textile company Shandong RuYi.

Australian family-owned wool group Lempriere will hold 20 per cent.

Mr Swan said the approval was only given on the condition that RuYi sell down its stake to 51 per cent within three years. To whom? other Chinese?

The government also secured "undertakings" from the consortium to offer jobs to all current employees as well as "arms length" management of cotton sales and water extraction and use, which would continue to be subject to government regulation.


"The government welcomes foreign investment in Australia and continues to ensure that investments are consistent with Australia's national interest," Mr Swan said. Does he really think this is in Australia's national Interest?

Deputy National Party leader Barnaby Joyce demanded Mr Swan reveal the shareholder list of the Chinese company, accusing it of being an arm of the Chinese government: "I absolutely and utterly disagree with this. I've got no problem with the Chinese being clever. I've got an issue with our government being stupid. So do we all Barnaby.

"What this says is that the Foreign Investment Review Board is in a mess and is simply not interested in protecting the national interest." When has it ever? Mostly it seems they just rubber stamp sales.

However Opposition Leader Tony Abbott appeared to back the sale to the Chinese-led consortium.

"I can appreciate a lot of people would be dismayed but look the (FIRB) would have carefully looked at it, they would have looked at what investment the Chinese are bringing in, what improvements the Chinese intend to make - are the Chinese going to be an active contributor to the local economy." Maybe it is time to tweak the FIRB Tony.

[mantra]

This is very distressing, but our political parties don't care. It's a globalised world now and few politicians believe in protectionism or holding onto our assets. As the Chinese will be exporting directly to China - they're not subject to tax either. About 35% of the country - possibly more, is foreign owned.

Wait till these foreign powers start demanding a say in how the country is run, although it's possible they're doing it already.

[boxy]

As the Chinese will be exporting directly to China - they're not subject to tax either. About 35% of the country - possibly more, is foreign owned.

Orly? I'd like to see some evidence for those two claims.

Australia's agricultural industry is mostly Australian owned, according to figures released today by the Australian Bureau of Statistics (ABS).

As at 31 December 2010:

99% of agricultural businesses in Australia were entirely Australian owned
89% of agricultural land was entirely Australian owned
91% of water entitlements for agricultural purposes were entirely Australian owned

[Rorschach]

HUH? Orly? Isn't Orly in France?

[mantra]

As the Chinese will be exporting directly to China - they're not subject to tax either. About 35% of the country - possibly more, is foreign owned.

Orly? I'd like to see some evidence for those two claims.

I heard this information - so I'll have to chase up the written information. The figure is far higher than that quoted by the ABS a couple of years ago. Labor promised to do something about tightening up the regulations for the foreign investment review board - but it's more lax now than it was under the Coalition.

[Rorschach]

Looks like the Libs will too...

Hockey attacks 'freelancers' on Cubbie
* From: AAP
* September 04, 2012 2:03PM

OPPOSITION treasury spokesman Joe Hockey has lashed out at Barnaby Joyce and other National party "freelancers" who have criticised the proposed sale of Cubbie Station.

Federal Treasurer Wayne Swan last week approved the sale of Australia's largest cotton grower to a Chinese-dominated consortium.

Senator Joyce, the opposition's regional development spokesman, was quick to label the decision a "disgrace".

He accused Mr Swan of having "basically let go of Australia's biggest property".

Nationals leader Warren Truss also questioned the move, suggesting it could compromise market competition and cotton prices.

But Mr Hockey on Tuesday made clear the opposition backed the approval.

"Some people are freelancing (but) they do not speak for the coalition," he told Sky News.

"They don't even speak for the National Party or the Liberal Party.

"I speak on the foreign investment policy of the coalition. We support the Foreign Investment Review Board."

Mr Hockey said while MPs and senators were entitled to their views "frontbenchers have a responsibility to be part of the team".

The coalition recognised the importance of the sale when it came to protecting jobs at Cubbie, he said.

Under the terms of the approval textile manufacturer RuYi - owned by investors based in China and Japan - will initially take an 80 per cent stake in the station. That will be sold down to 51 per cent within three years.

Federal MP Bob Katter has accused the major parties of crying "crocodile tears" when objecting to the sale.

He said a coalition government would also have sold the farm to foreign owners.

"...the LNP-ALP corporations that run Australia are just like the slithering Sydney suits with dollar signs in their eyes," he said in a statement. I take exception to that. I live in Sydney and I don't slither in a suit.

"The only thing that interests them is the share price on the stock market, and overseas buyers means higher share prices."

http://www.news.com.au/breaking-news/na ... 6464615522" onclick="window.open(this.href);return false;

[mantra]

All these politicians advocating for Australian farms to be sold off to foreigners obviously don't give a damn about what the people who vote for them say. It's all about the bottom line so they can continue with the waste and the porkbarrelling. When we hit our next drought and the farmers and towns in the vicinity are crying out for water - the Chinese will be using it for themselves.

As if a Chinese state owned conglomerate will sell off 30% because Swan says so. There are no checks and balances by the Foreign Investment Review Board. They don't even have a register keeping tabs on the number of foreign corporations buying up our agricultural, commercial and residential land piecemeal.

[Aussie]

Mantra said:

I heard this information - so I'll have to chase up the written information.

I see you have made a post since you posted that^^^^^^. So I guess the chase up established you were (again) talking shit. No surprise. Carry on, mantra.

[Rorschach]

As if a Chinese state owned conglomerate will sell off 30% because Swan says so.

Nothing says they can't sell it to other Chinese mantra.
Good one Swanny.

[mantra]

Mantra said:

I heard this information - so I'll have to chase up the written information.

I see you have made a post since you posted that^^^^^^. So I guess the chase up established you were (again) talking shit. No surprise. Carry on, mantra.

Boxy quoted some 2010 figures from the ABS - they would have been from the previous year - 2009, but over the past 2-3 years the fire sale has become out of control. When I tried to find out approx how much of Australia is foreign owned - the figures were scattered everywhere. The ABS can only give out information that it has been fed - so it's unlikely their figures were accurate anyway.

These sort of articles appear nearly every week. Why doesn't any govt. department know how much is being sold? The information I heard may have been wrong - or it could have been right. There is no proof either way.

A diverse group of Chinese delegates from private and state-owned companies met in Sydney just before Christmas with Austrade representatives, corporate advisers and industry heads, to discuss opportunities in rural Australia covering more than 100,000 hectares of prime land.

http://afr.com/p/national/chinese_want_ ... 6ty7VapNSI" onclick="window.open(this.href);return false;"

CHINESE investment in Australia almost doubled last year as the world's second-largest economy flexed its economic muscles abroad, according to new data from the Ministry of Commerce.

Read more: http://www.smh.com.au/business/chinese- ... z25TsJzKWe" onclick="window.open(this.href);return false;