I welcome the Treasurer, Joe Hockey’s, decision to stop the sale of GrainCorp to American owned Archer Daniels Midland Company.
I understand the difficulty the Treasurer would have had in weighing up all the options that are involved in making a decision like this.
I believe, and the decision shows, keeping GrainCorp predominantly Australian owned is firmly in our national interest.
GrainCorp is one of Australia’s greatest agricultural assets, with about 85 per cent of the east coast’s grain storage and handling infrastructure.
Keeping GrainCorp Australian owned does not mean that foreign investment in agriculture is not welcomed.
I recognise foreign investment is important for growth and innovation, and contributes to the prosperity of local businesses, rural communities and the broader economy.
However, it is critical that the Australian Government ensures these investments are not contrary to our national interest and provide flow-on benefits for farmers and rural communities.