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.
The Bureau of Meteorology has released a severe weather warning for regions that include Shepparton. It includes damaging winds and the potential for flash flooding.
Pete O’Neill and Abby Hicks are national champions at the completion of the 2015 Australian Barefoot Championships held last week.
GVAC women Rachel Pratt and Jacquie Fitzpatrick showed the men, and the large crowd at Rushworth Speedway on Saturday, March 28, they have what it takes when competing in the men’s classes.
Two international backpackers have taken aim at contractors who hired them to pick fruit in the region without payment.
Rochester boxing coach Chris Trewin and his team of dedicated trainers have been hitting the bag for more than six months and the results are beginning to show.
Local MP calls for community applications
A special event will take place at Pioneer Park on Sunday.
Jerilderie's born and bred Madeleine Harris has been recognised for her banking and finance career
Concerned Costerfield residents had the chance to voice their antimony health concerns last week after an independent facilitator was appointed.
Strathmerton clinched a win in the high-scoring game against Mathoura on the weekend in the PDFL North West competition.
Deniliquin swimming dynamo Stephen Dalzell has finished 13th overall in his preferred event at the Australian Age Championships.
Murray Goulburn Co-operative has set a date for a special meeting to vote on a new capital structure.
Emergency services are on scene of a two-car crash on the Midland Hwy, near Benalla. Two people have died. Traffic is being diverted.
Discover unbelievable local deals from local businesses every week in the Goulburn and Murray Valley area with Leapon.com.au!
Search properties for sale or rent across North Central Victoria and Southern NSW. Visit your local website for local homes....
Search for published and unpublished photos from McPherson Media Group newspapers and magazines. All our photos are available to purchase.
Place an advertisement in any one of McPherson Media Group's local newspapers.