In Herald Sun headlines just in -


"THE Rudd Government will make it easier for foreign businesses to purchase land in Australia in an attempt to increase competition and drive down food prices.

Under the new rules, supermarket chains such as Wal-Mart, Costco and ALDI will be given more time to develop vacant commercial land to better challenge local giants Woolworths and Coles.

Under current rules, foreign investors have only 12 months after purchasing the land to begin "substantial development''.

The new rules - which will give foreign companies up to five years to begin construction - will encourage investment and competition, according to Assistant Treasurer Chris Bowen.

Mr Bowen will announce the changes today."


Seems like a pretty significant impediment to foreign investment in large development on Australian territory (does this include the new offshore territory?) has just been cleared away. I'm not sure whether this new rule covers ALL foreign investment development plans but the resultant impact could potentially be huge?

As usual, everyone's "expert" comments are welcomed.