Press Release

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HOCKEY’S ADM DECISION LOST IN POLITICAL CHAFF

2013-11-29

“Joe Hockey’s decision to block the takeover of Grain Corp by US conglomerate Archer Daniels Midland is a clear indication that the prospects for the Australian grains industry are once again being sacrificed for political gain,” PGA Western Grain Growers Chairman John Snooke said.

 

“One has to wonder why, out of the 131 significant foreign investment applications being dealt with by the Liberal Government, that the only application they prohibited and deemed not to be in the national interest is the very one not supported by their protectionist partners – the Federal Nationals.”

 

“These are the same Federal Nationals who advocated that removing the Single Desk was not in the national interest, whilst believing that doing business with a corrupt Middle East regime was; that abolishing Wheat Exports Australia was not in the national interest but re-regulating the wheat industry was and that any foreign investment is not in the national interest if it involves grain.” 

 

“Since the abolition of the single desk for wheat in 2008, Australian grain farmers have benefited from an increase of purchasers and demand for their grain, yet the Federal National Party remains committed to reversing the benefits so far achieved.” 

 

“The uncertainty created by Mr Hockey’s decision to capitulate to political pressure from his Coalition partners is pushing the Australian grains industry into a non competitive backwater,” he said.  

 

“Agribusiness investors are now certain to avoid putting their capital at risk by investing into an industry mired in politics at the highest level.  The final outcome of this decision will be an uncompetitive grains industry as investors choose safer options for their capital investment, mainly into emerging grain producing countries – thus bolstering our competitors and eroding our economic viability.”   

 

“This decision is saying to the rest of the world that Australia is no longer open for business as any foreign investment in our grains industry will be actively discriminated against.”

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