Redefining land’s investability: towards a neo-nationalization of resources in Australia?

Abstract

ABSTRACT Between 2010 and 2015, the Australian government revised its legal regime for foreign investment in Australian farmland. As part of a broader public debate surrounding what some considered to be the ‘selling out’ of Australian farmland to foreigners, this revision has been a contentious political process revolving around Australia’s ‘national interest’ and a recurring quest for transparency regarding the governmental screening process of foreign investments in Australian land. By examining the governmental debate surrounding the appropriate treatment of land within the country’s legal framework, this paper first reveals the endogenous role of the state in redefining what we term the ‘investability’ of land – the multidimensional elements that shape investment parameters and their assessment by stakeholders. Second, we argue that these debates show a clear reinvigoration of the national significance of land, which in turn challenges Australia’s longstanding political position that being ‘open for business’ is best for its national interests. This paper demonstrates the frictions that emerged as a neoliberal governance model – responding to foreign interests in land – became infused with elements of resource nationalism. We suggest that this conflation of neoliberalism and resource nationalism can be interpreted as a ‘neo-nationalization’ of resources.