LNP defends Cubbie sale

FOREIGN investment, such as the sale of Australia's largest cotton farm to overseas interests, should be welcomed, Queensland's Deputy Premier says.

Jeff Seeney, also State Development, Infrastructure and Planning Minister, said as long as there were "safeguards" built around such sales, which he believed had been done for Cubbie Station, then the dollars were needed.

The Federal Government has approved the sale of Cubbie Station to Chinese and Japanese consortium, Shandong Ruyi, believed to be for more than $320 million.

The Cubbie Group has been in administration with about $300 million debts for three years.

"I'm comfortable the issue has been well and truly considered by the Foreign Investment Review Tribunal," Mr Seeney said.

"In my view, foreign investment has always been part of growing the Australian economy and we will need foreign investment to grow the Queensland economy the way we want to see it grow over the next few years to address the financial situation the Queensland Government is in."


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