Asian investment in Aust'n agriculture could be driven away: opposition lawmaker

Australia could become less attractive to overseas agricultural investment under proposed government changes to the nation's foreign investment laws, according to the opposition's trade spokesperson.

Senator Penny Wong said discriminatory restrictions on investment in Australia could result in Asian nations, deserting Australia for opportunities elsewhere.

"The government approach is flawed in respect to foreign investment, it is putting up barriers to restrict it," Wong told the Economic and Social Outlook Conference (ESOCON) in Melbourne on Friday.

"There is currently legislation before the parliament to introduce a complex differential threshold for Foreign Investment Review Board screening.

"It will discriminate foreign investors according to their nationality."

Investors from China, South Korea and Japan will have a limit of 11 million U.S dollars put on the amount of agricultural land it can purchase, while not imposing the same limits on investors from the United States, or New Zealand.

Wong said the opposition would fight to prevent the measures from passing in parliament.

"We will take steps in parliament to remove these barriers," she said. Enditem