Australia tightens rules over foreign buying of agricultural land

February 11, 2015 2:48 AM

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SYDNEY (Reuters) - Australia tightened rules on Wednesday over foreign ownership of its agricultural land amid concerns that it is losing control of its own food security, slashing the amount beyond which land purchases would require regulatory approval.

From March 1, foreign purchases of agricultural land over A$15 million ($11.67 million) will be subject to regulatory approval from Australia's Foreign Investment Review Board, Australian Prime Minister Tony Abbott said.

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