AgricultureWell, ANZ Bank boss, Mike Smith, didn’t just announce a record $3.2 billion half year profit for his bank last weekHe also made some important comments about Australian agricultureSpeaking on Friday Mr Smith urged the Federal Government to conclude these long-running free trade negotiations with China (which have been running for almost 10 years now) even if the resulting agreement was “trimmed down” and limited to agricultureAustralia, he said, could not afford to miss out on a predicted $2 trillion food export opportunity by 2050 in AsiaHe pointed out that New Zealand’s 5-year-old free trade deal with China had already led to the tripling of its food exports to ChinaIn other words, we don’t have to sell off the farm to China in order to sell our farm products to ChinaYes, Australian agriculture does have an investment problemBut, as Mike Smith also pointed out, that shouldn’t mean we have to sell farms to foreignersInvestment, he said, should be coming from local superannuation funds which needed to better educate themselves about agriculture“There isn’t the knowledge you would have expected” he said“It is a long-term sector, it has a much longer cycle than manufacturing – so, actually, super funds are the ideal type of investors for the longer term”Let’s hope a few politicians and superannuation fund managers are listening to Mr SmithWe need to develop the farm, not sell it

The Alan Jones Breakfast show: Highlights

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