A MOVE to stop the giant Cubbie Station being foreign-owned has been launched in federal parliament.Queensland crossbencher Bob Katter today introduced a private member's bill that would ensure the controversial cotton empire in southern Queensland is Australian-owned.
His bill would amend the Foreign Acquistions and Takeovers Act by directing the treasurer to prohibit the sale of Cubbie to any foreign-controlled company.
The amendment would also force the treasurer, should Cubbie already be foreign-owned, to direct the disposal of shares to a source approved by the government.
Last August the federal government, on the advice of the Foreign Investment Review Board, approved Cubbie's sale to a consortium in which Chinese and Japanese interests had a majority share.
Mr Katter said he'd recently toured Murray Darling Basin towns like Mildura, Deniliquin and Griffith, where many shops had closed and homes were for sale.
Their problems should make Australians "blush with embarrassment and shame".
Mr Katter said Cubbie had destroyed the economic base of inland NSW, northern Victoria and southeastern South Australia.
The Federal Government should have broken it up into about 12 "proper sized" stations and not allowed it to be handed over to foreign corporations.