NFF Statement: S. Kidman and Co. Limited

The National Farmers’ Federation (NFF) notes the Federal Government’s decision that the acquisition by foreign investors of S. Kidman and Co. Limited will not be given authorisation to proceed as currently proposed.
NFF CEO Simon Talbot said the peak farm body has been watching the sale closely, and will be seeking clarity on how the national interest test is applied as well as further detail on Treasurer Scott Morrison’s decision.
“We respect the Federal Government and Foreign Investment Review Board’s right to make decisions concerning matters of national security,” Mr Talbot said.
“We are seeking further detail on the next possible steps with respect to this sale, and understand the Treasurer’s willingness to consider future proposals based on their merits.
“Foreign investment in agriculture is always a sensitive matter because of the need to balance the national interest against the need to attract new capital into the agricultural sector.
“Agriculture is on the cusp of its boom cycle, but the need for capital investment is a significant roadblock to growth. To realise its potential, the sector needs $1.2 trillion over the next 40 years, sourced both domestically and from overseas.
“Intense interest from around the globe in the Kidman properties underscores the massive potential of Australian agriculture – an industry positioned for strong and sustained growth over coming decades.
“The NFF looks forward to continuing to work with the Government on the issue, to ensure that the ultimate outcome is good for Australia and for its farmers,” Mr Talbot said.