Foreign firm gets big drop
Media investigations suggest a Chinese state-owned company is buying up water in the Murray-Darling.
Reports say foreign water investors have skated through the Foreign Investment Review Board process with little scrutiny.
Reports by the ABC show Chinese state-owned enterprises now own Australian water entitlements.
One is Unibale Pty Ltd - an Australian subsidiary of the Chinese state-owned COFCO Corporation, a major agriculture company.
Unibale Pty Ltd reportedly owns over 7,000 megalitres of water entitlements in the northern end of the Murry-Darling Basin in New South Wales.
It also appears that private foreign investors buying into Australia's water markets have avoided investment restrictions put in place to prevent cheap Australian assets being scooped up during the coronavirus pandemic.