22.8 C
Byron Shire
January 21, 2022

Foreign-owned water entitlements at 11 per cent

Latest News

January 21 National Cabinet on Omicron, RATs, vax and treatments

Prime Minister Scott Morrison has issued a media release about yesterday's meeting of the National Cabinet.

Other News

Vax the child

I am writing about the upcoming COVID-19 vaccinations for children. I am and remain a vax-sceptic. My reasons are...

TreadLightly on the planet by recycling school shoes

Most Aussie parents know how quickly kids either grow out or wear out of school shoes. They either get handed down or thrown in the rubbish – adding to the millions of shoes that end up in landfill each year

Astrological gravitas

The Mullum Aeronautics and Space Administration (MASA) will soon launch the Spiders Webb telescope, which will break through to...

Friends of Loft

Become a Friend of Loft with their new local loyalty member program. Enjoy member-only benefits and offers, invite-only events, and...

Mullumbimby Indian Restaurant

The Mullum Indian Restaurant is situated, conveniently, a short drive from town, at the Mullumbimby Golf Club and...

Community the big winner at Rotary Duck Race

The Richmond River at Fawcett Park in Ballina was full of colour on the weekend for the 30th Rotary Duck Race. The event has raised a quarter of a million dollars for charity over its history in Ballina.

The Productivity Commission, an independent federal agency that reviews and advises on government policy, has released its latest report: Register of Foreign-owned Water Entitlements.

It states, ‘The level of foreign ownership of Australian water entitlements on issue is now about 11 per cent, with most investment coming from Canada, followed by China and the United States’. 

While the authors claim there is support for foreign investment within the agricultural and mining industries, ‘a sizeable share of the Australian community has some unease towards foreign investment, particularly foreign “direct” investment that entails some control of Australian businesses and assets’. 

‘It is sometimes considered a threat to rural livelihoods, local communities and Australian food security — concerns that carry over to water entitlements. Changes in water resource management and the pressures from prolonged periods of drought have exacerbated these concerns. 

‘In response to community concerns and a perception of rapidly rising foreign control of water assets, the Australian Government introduced the Register of Foreign Ownership of Water Entitlements (the Register) in 2017, to provide transparency about the level of foreign ownership of water. 

‘Under the Register, foreign persons are required to notify the ATO if they acquire a specified water asset or if there are changes to their foreign status or water entitlement holdings’. 

The threshold for foreign owned water entitlements are: ‘if a foreign person, corporation or government has an interest in an entity of at least 20 per cent, or multiple foreign entities have an aggregate interest in an entity of at least 40 per cent’. 

The report claims, ‘There is no compelling case for major changes to the Register of Foreign Ownership of Water Entitlementsas it is fit for purpose

Support The Echo

Keeping the community together and the community voice loud and clear is what The Echo is about. More than ever we need your help to keep this voice alive and thriving in the community.

Like all businesses we are struggling to keep food on the table of all our local and hard working journalists, artists, sales, delivery and drudges who keep the news coming out to you both in the newspaper and online. If you can spare a few dollars a week – or maybe more – we would appreciate all the support you are able to give to keep the voice of independent, local journalism alive.


Please enter your comment!
Please enter your name here

Reform needed to deliver electric trucks in Australia

With the aim of getting more electric-powered trucks on Australian roads, the Electric Vehicle Council and the Australian Trucking Association have collaborated to develop the policies necessary to drive Australian trucking into an electric future.

Biz step up to feed frontline staff

Local paramedics will be able to get free coffee and snacks at selected local cafes, as part of a major community effort to support frontline health workers during the ongoing and increasing COVID-19 outbreak.

Casino’s winning tap water ways

Yesterday Casino was announced as the winner of the Water Industry Operators Association of Australia’s Ixom 2021 Best Tasting Tap Water in Australia competition.

Astrological gravitas

The Mullum Aeronautics and Space Administration (MASA) will soon launch the Spiders Webb telescope, which will break through to deeper levels of Advanced Astrological...