An offer by American food giant Archer Daniels Midland for GrainCorp has divided the Coalition.November 19, 2013 4:22am
The union leader representing workers at foreign takeover target GrainCorp has given his backing to the sale, saying if Treasurer Joe Hockey is rolled on the buyout it would create ‘‘massive’’ sovereign risk for Australia.
Australian Workers Union boss Paul Howes said he was concerned about reports that Prime Minister Tony Abbott did not support the bid for GrainCorp, which Mr Hockey will rule on by December 17.
The offer from American food giant Archer Daniels Midland has created deep divisions in the Coalition, with the Nationals and some rural Liberals strongly opposed to the sale.
Coalition figures say Mr Abbott is inclined to say no to the purchase of Australia’s largest agribusiness, or make conditions so onerous as to make it unviable, The West Australian reported on Friday.
But Mr Howes said without foreign investment, Australia’s agribusiness would ‘‘never become the food bowl for Asia that we talk about’’.
‘‘What concerns me is that if the National party wins in this fight against Joe Hockey over ADM and GrainCorp, is that there will be a massive sovereign risk for our nation in terms of our agribusiness sector,’’ he said.
But Western Australian Liberal senator Dean Smith, like others in the nation’s biggest wheat-growing state, is backing the ADM bid.
‘‘This deal .
Australia was a big exporting country and needed the ‘‘absolute best infrastructure’’ and best global connectivity.
‘‘We need competition — this is the absolute imperative that underscores everything.’’
Senator Smith said debate about foreign investment should not be used as a Trojan horse by those seeking to reverse the benefits of deregulating the wheat export market.
He rejected claims by opponents of the sale that GrainCorp operated a grains handling and export monopoly on the east coast.
Shepparton’s Declo Bisimwa firmly believes education is the key to a better life.
Beautiful weather greeted Tungamah residents for the 18th running of the Tungamah Lions Ten Thousand on Sunday.
When Keith and Marion Grumley and their growing family moved to Tatura on January 18, 1968, little did they know that it would be the start of a long and lasting connection to the town.
Garners Boxing Gym in Echuca is encouraging young people to get active with weekly boxing/cardio classes.
Rochester Rotary Club has celebrated its 50th birthday in style.
Sorting future of Campaspe pools
A theatre production with a difference is coming to Seymour.
Local athletes will go head-to-head with some of the best competitors from around the world in swimming and athletics in December.
District residents and visitors will be able to enjoy some of the region’s most beautiful private gardens on Sunday.
The 116th annual Cobram Show went off with a bang at the weekend, drawing in crowds from far and wide for two days of fun.
Tomorrow is a Total Fire Ban day in Deniliquin, meaning no fires can be lit in the open and all fire permits are suspended.
Fifty new full-time jobs will be created at Tatura with a multimillion-dollar expansion of the abattoirs expected to be announced today.
Remembering Australian political giant Gough Whitlam who once called on Benalla police to stop then Treasurer Frank Crean on his journey up the Hume to phone the PM.
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