Australia to tighten foreign investment scrutiny on farmland

SYDNEY, Feb 11 (AFP):  Australia will tighten scrutiny on overseas investment in farmland, Prime Minister Tony Abbott said Wednesday, following concerns about valuable agricultural and mineral assets passing into foreign hands.

Abbott said that from next month any purchase by a foreigner which brings their cumulative farmland investments to more than Aus$15 million (US$11.67 million) will be screened by the national regulator.

The Australian Foreign Investment Board currently only screens foreign investment for purchases of agricultural land over Aus$252 million.

"This is not saying that we don't want foreign investment," Abbott told reporters.

"We do want foreign investment but it's got to be the right investment, the right investment that serves our purposes."