1 00:00:00,120 --> 00:00:02,960 Speaker 1: Overseas investment rules are set to be loosened, with the 2 00:00:03,080 --> 00:00:06,480 Speaker 1: Associate Financements to David Seymour calling our current rules quote 3 00:00:06,480 --> 00:00:08,360 Speaker 1: the worst in the developed world and if you look 4 00:00:08,360 --> 00:00:11,000 Speaker 1: at the score, it's hard not to argue with. We 5 00:00:11,080 --> 00:00:13,600 Speaker 1: rank thirty eighth out of thirty eight countries in the 6 00:00:13,600 --> 00:00:18,680 Speaker 1: OECD for openness to investment. So once these rules are changed, 7 00:00:18,680 --> 00:00:21,439 Speaker 1: and it's going to go before Cabinet, they've agreed principles already, 8 00:00:21,480 --> 00:00:23,840 Speaker 1: it'll be done by the end of next year. Will 9 00:00:23,880 --> 00:00:26,760 Speaker 1: we see a whole bunch of Kiwi farmland being sold off? 10 00:00:26,840 --> 00:00:30,360 Speaker 1: I'm joined by Toby Williams, Fed Farmers Meet and wheelchair Toby. 11 00:00:30,400 --> 00:00:34,239 Speaker 1: Welcome to the show. Good to have you on. What 12 00:00:34,280 --> 00:00:35,479 Speaker 1: do you expect to see from this? 13 00:00:36,479 --> 00:00:40,120 Speaker 2: We actually make supportive of these rule changes. What we 14 00:00:40,240 --> 00:00:42,160 Speaker 2: had in the previous government. We actually had the special 15 00:00:42,159 --> 00:00:45,360 Speaker 2: Forestry tests which took a balance away from between farming 16 00:00:45,400 --> 00:00:47,920 Speaker 2: and the forestry, so it was only six weeks compared 17 00:00:47,920 --> 00:00:50,280 Speaker 2: to two years to be able to buy a farm 18 00:00:50,400 --> 00:00:53,479 Speaker 2: keeper farming in six weeks of forestry, so shortening this 19 00:00:53,640 --> 00:00:57,200 Speaker 2: up as great down till probably about one year for either, 20 00:00:57,640 --> 00:00:59,560 Speaker 2: but also having the balance between them so if you're 21 00:00:59,560 --> 00:01:02,840 Speaker 2: going to buy farmlan for forestry or farmland to keep 22 00:01:02,880 --> 00:01:04,920 Speaker 2: farming is going to be the same test. And we're 23 00:01:04,920 --> 00:01:06,399 Speaker 2: really supportive of Do. 24 00:01:06,319 --> 00:01:08,679 Speaker 1: You think there's a lot of farmers wanting to sell 25 00:01:08,720 --> 00:01:10,160 Speaker 1: to overseas buyers? 26 00:01:11,000 --> 00:01:12,080 Speaker 2: Well, no, I don't think there's a lot of farms 27 00:01:12,120 --> 00:01:15,200 Speaker 2: wanted to sell to overseas buyers. But you know, we're 28 00:01:15,200 --> 00:01:17,440 Speaker 2: looking at a certain class of farm that overseas buyers 29 00:01:17,440 --> 00:01:19,679 Speaker 2: is going to be interested in, and those are the 30 00:01:19,680 --> 00:01:22,560 Speaker 2: bigger fans that really keevy farmers can't afford to buy. Anyway, 31 00:01:22,720 --> 00:01:25,440 Speaker 2: we wouldn't expect foreign owners to be coming in buying 32 00:01:25,520 --> 00:01:28,399 Speaker 2: up farms that first farm owners should be able to buy. 33 00:01:28,680 --> 00:01:30,560 Speaker 2: So we expect see some rules in around there about 34 00:01:30,600 --> 00:01:32,319 Speaker 2: the levels of investment that are going to be But 35 00:01:32,760 --> 00:01:34,919 Speaker 2: what we've seen on thes Coast is basically foreign investment 36 00:01:34,920 --> 00:01:37,040 Speaker 2: in the family and which stayed farming. Is there a 37 00:01:37,160 --> 00:01:39,959 Speaker 2: massive boost for the regional economy and it's for the 38 00:01:40,080 --> 00:01:41,360 Speaker 2: environment for the farm itself. 39 00:01:41,840 --> 00:01:44,920 Speaker 1: Is there in terms of overall foreign ownership? Is there 40 00:01:44,920 --> 00:01:47,120 Speaker 1: something that fed? Is there a number of FED farmers 41 00:01:47,120 --> 00:01:49,200 Speaker 1: wouldn't be happy with I understand at the moment it's 42 00:01:49,200 --> 00:01:52,040 Speaker 1: about ten percent of agricultural land in Australia's foreign ron. 43 00:01:52,080 --> 00:01:55,120 Speaker 1: Ten percent of productive land here is owned by foreigners. 44 00:01:55,760 --> 00:01:57,880 Speaker 2: Yeah, we haven't looked at that, if we're honest, and 45 00:01:58,040 --> 00:01:59,280 Speaker 2: it's one of those things we have to look at 46 00:01:59,360 --> 00:02:02,240 Speaker 2: the deeper to the rules to make sure that young 47 00:02:02,280 --> 00:02:03,840 Speaker 2: farmers that still have the excess to be able to 48 00:02:03,880 --> 00:02:06,000 Speaker 2: buy their farms. So we need to looking at levels. 49 00:02:06,040 --> 00:02:07,760 Speaker 2: And if I use my own fan for example, you 50 00:02:07,800 --> 00:02:12,640 Speaker 2: notice I'm very fortunate where I own, and the value 51 00:02:12,680 --> 00:02:15,040 Speaker 2: of it means it's unlikely that a first fund buy 52 00:02:15,120 --> 00:02:16,280 Speaker 2: if I was ever to sell it was be able 53 00:02:16,320 --> 00:02:19,320 Speaker 2: to do it, or you know, a lot of key, 54 00:02:19,320 --> 00:02:21,040 Speaker 2: we probably wouldn't be able to afford it either. So 55 00:02:21,080 --> 00:02:22,680 Speaker 2: if we ever wanted to sell, you need to have 56 00:02:22,720 --> 00:02:24,880 Speaker 2: that option to be able to realize the true value 57 00:02:24,880 --> 00:02:26,680 Speaker 2: of it. I paid the value of the rates on 58 00:02:26,760 --> 00:02:29,640 Speaker 2: those and everything that goes along with it. So if 59 00:02:29,639 --> 00:02:31,200 Speaker 2: we're looking at the true value of the properties, need 60 00:02:31,240 --> 00:02:33,000 Speaker 2: to make sure that the people are available to be 61 00:02:33,040 --> 00:02:33,639 Speaker 2: able to do that. 62 00:02:33,840 --> 00:02:35,680 Speaker 1: Yeah, and I suppose handing it on to the kids 63 00:02:35,800 --> 00:02:38,040 Speaker 1: not always what it once was. The interest. 64 00:02:38,240 --> 00:02:40,240 Speaker 2: No it's not, No, it's not. But we've just done 65 00:02:40,280 --> 00:02:42,200 Speaker 2: now a number of years ago. So I've been very 66 00:02:42,240 --> 00:02:45,840 Speaker 2: fortunate that Mum and Dad piger values in twenty seventeen 67 00:02:46,520 --> 00:02:48,680 Speaker 2: and that meant that we'll actually be able to afford 68 00:02:48,720 --> 00:02:51,440 Speaker 2: We missed that forestry rush, you know, the sugar rush 69 00:02:51,520 --> 00:02:56,360 Speaker 2: of the cabin. Yeah, so much ink. So I'm very fortunate. However, 70 00:02:56,600 --> 00:02:59,960 Speaker 2: we've got to hangover effect of it and dairy land surprise, 71 00:03:00,120 --> 00:03:01,720 Speaker 2: and we haven't mixed you gone up very much in 72 00:03:01,800 --> 00:03:04,880 Speaker 2: terms of value. Sheeven bee farms over the last twelve 73 00:03:04,960 --> 00:03:06,799 Speaker 2: or sixty years have probably gone off about fifty percent 74 00:03:06,880 --> 00:03:09,200 Speaker 2: in value what our profitabilities for them. So there's a 75 00:03:09,240 --> 00:03:11,000 Speaker 2: real disparate balance for you. 76 00:03:11,440 --> 00:03:13,440 Speaker 1: Toby, thanks for your time. Look forward to seeing the 77 00:03:13,520 --> 00:03:17,519 Speaker 1: legislation when it's actually drafted. That's Toby Williams Fed Farmers 78 00:03:17,600 --> 00:03:21,160 Speaker 1: Meet and Wheelchair that the legislation will go out and 79 00:03:21,320 --> 00:03:24,120 Speaker 1: be done back through Parliament by the end of twenty 80 00:03:24,200 --> 00:03:28,200 Speaker 1: twenty five, according to David Seymour. For more from Early 81 00:03:28,360 --> 00:03:31,440 Speaker 1: Edition with Ryan Bridge, listen live to News Talks it'd 82 00:03:31,480 --> 00:03:35,440 Speaker 1: be from five am weekdays, or follow the podcast on iHeartRadio.