Superannuation could bolster agriculture industry
The House of Representatives Standing Committee on Agriculture and Water Resources has called for more superannuation investment in Australia’s agriculture sector.
Despite there being no barriers in place by the corporate regulators, Committee chair, Rick Wilson, said the liquidity requirements of super funds, the impact of climate and inconsistent knowledge of the sector were contributing factors.
The Committee’s report recommended a superannuation and agricultural industry investment group be convened to promote investments, and that the Government improve data available on the agriculture sector.
It was suggested that the Government review the rules regarding foreign investment advertising requirements and managed investment trust tax rates, and consider any unintended consequences when applied to investment in agriculture by companies investing on behalf of foreign interests.
The Committee also recommended the Government should engage with state and territory governments to assess stamp duty and land tax on agricultural investments, and with councils and agricultural peak bodies to promote investment in the sector.
“Ultimately, better information and awareness of the benefits of Australian agriculture as a steady and suitable investment target, will improve investment from both superannuation funds and the wider investment community,” said Wilson.
AUTHOR
Anastasia Santoreneos
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