FOREIGN INVESTMENT: Cubbie Station sale exposes weak foreign ownership rules*

The decision by the federal Treasurer, Wayne Swan, to approve the sale of Australia’s largest rural property, Queensland’s Cubbie Station, with the largest water entitlement, to a consortium led by a Chinese government-owned corporation, has highlighted the weakness of Australia’s foreign investment rules.
Cubbie Station went into receivership some years ago, and the receivers are selling it on instructions from its lenders, including the National Australia Bank.
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