Scott Morrison MP
Treasurer
MEDIA STATEMENT
Friday 29 April 2016
conducted by Professor Graeme Samuel AC, was tasked with providing advice on whether the
competitive bid process offered fair opportunity to Australian bidders to participate.
The Review contains sensitive commercial in confidence material which precludes its release. While the
review found the sale process followed a satisfactory commercial practice that offered opportunity to
Australian parties to make an offer, the review also found there remains significant domestic interest in
Kidman.
I outlined my concerns in my announcement and decision on Kidman on 19 November 2015. I noted
then that the size and significance of the total portfolio of Kidman properties in the proposed form as a
single composite property asset was not in the national interest. I am not yet satisfied these concerns
have been addressed by the revised proposal that has been submitted to me.
The size and significance of the portfolio, combined with the impact the decision may have on broader
Australian support for foreign investment in Australian agriculture, must also to be taken into account in
this case.
The Turnbull Government welcomes foreign investment where it is consistent with our national
interests. However, we must always ensure it is on our own terms. There are not too many jurisdictions
anywhere in the world where foreign acquisition of large holdings would be permitted.
As Treasurer I have approved many significant foreign investment proposals and I consider each on its
merits.
Foreign investment has underpinned the development of our nation and we must continue to attract
the strong inflows of foreign capital that our economy requires. Without foreign capital and investment,
Australia's output, employment and standard of living would all be lower.
Foreign investment rules facilitate such investment while giving assurance to the community that the
investment is being made in a way which ensures that Australia's national interest is protected
We will continue to welcome and support foreign investment that is not contrary to our national
interest.
Further information: Julian Leembruggen 0400 813 253, Kate Williams 0429 584 675