In a joint press release by South Australian and Western Australian Senate candidates, Darryl Bothe and Stuart Donald respectively for the Mature Australia Party, they said, “Australia’s sell-off of valuable Australian land, resources and public assets into foreign ownership and control has to stop.”
Yet another bid has been made for the iconic S. Kidman & Co. properties by a joint venture between Chinese based Dakang Australia and ASX-listed Australian Rural Capital. In the proposed $370.7 million deal, Dakang would hold 80% of the assets and ARC would hold the remaining 20% subject to the Foreign Investment Review Board approval.
At a time when Australians are quite vocal about keeping Australian owned assets in the hands of Australian controlled companies, this will prove to be a challenge for the current Turnbull government and really test their mettle, with the outcome set to enrage the Australian people by allowing it to go ahead or pacifying them by stopping it, and any fall out probably being reflected in the upcoming election.
In their joint statement, Mr Bothe and Mr Donald said, “While we appreciate the need for foreign investment to get some Australian projects off the ground, that must NOT be at the expense of losing Australian control of Australian assets.
Added to the Australian owned issue that is rearing its head more often these days, the fact that profits would go overseas will serve to enrage the Australian people even further and really show where the loyalties of the Turnbull government lay. If the purchase is allowed to go ahead, the company could in fact run at a loss and hence, not pay any income tax.
Mr Bothe said, “The pertinent question to ask is; “What does a Chinese company want with an Australian beef company?” The answer is probably that they want to feed their population in the coming few decades and by securing this tract of land, that is incidentally, larger than Ireland, will be using it to grow beef for their citizens and Australians won’t even see any of the produce, let alone any profits or tax from those profits. There will of course be jobs, unless the company is able to use Australia’s lax 457 Visa system to fly in Chinese workers to tend the farm and eliminate as much Australian content as possible. But remember, this would all occur on Australian sovereign land, not in China.”
“All in all, Australia will lose out if this sale goes ahead. Over to you Mr Turnbull and The Foreign Investment Review Board.”