Lead

The sale of Tasmania's largest farm, Rushy Lagoon, to UK-based forestry investor Gresham House has been approved by federal Treasurer Jim Chalmers, who declared the sale in the national interest. The property, near Tasmania's north-eastern tip, has been owned by New Zealand interests since the 1990s and was put on the market in October 2024. The sale price exceeded $100 million, according to ABC Australia.

The transaction was vetted by the Foreign Investment Review Board (FIRB), which had delayed its decision multiple times before giving the green light. ABC Australia reported that the property comprises two contiguous holdings: the 20,523-hectare Rushy Lagoon and the 1,221-hectare East Wyambi.

Coverage Comparison

The ABC's reporting frames the story in two parts. The first, published around the time of the approval, focuses on the sale itself, noting the drawn-out process and Gresham House's status as the frontrunner. The second, more detailed report, published after the approval, shifts to the company's operational plans and the public reaction.

ABC Australia reported that the sale triggered political backlash, with the Tasmanian government calling on the prime minister to intervene and overturn the decision. The same report also quoted Gresham's Tasmanian asset manager, Jono Craven, who said the company expects the property to settle in early August.

The second report highlighted the company's intended land use, describing the plantation as a "sustainable, climate-positive" project. It also noted that some local farmers have expressed doubts about the suitability of the land for pine plantations, a concern Gresham House has dismissed.

Key Claims

  • Federal Treasurer Jim Chalmers approved the sale of Rushy Lagoon to Gresham House, with the price exceeding $100 million (reported by ABC Australia).
  • The property consists of two contiguous lots: Rushy Lagoon (20,523 hectares) and East Wyambi (1,221 hectares). The sale was reviewed by the Foreign Investment Review Board.
  • Gresham House plans to plant approximately 12 million radiata pine seedlings across 9,000 hectares over the next five years, with trees maturing in about 30 years. The timber would supply the local building industry.
  • The company will also establish 1,000 hectares of environmental plantings.
  • The Clean Energy Finance Corporation, a government-backed entity, will invest $69 million in the project.
  • Gresham House expects the project to create 190 jobs over its lifetime.
  • The company intends to continue cattle grazing on the property and is exploring tourism opportunities.

Perspectives

Gresham House: Gresham House's Tasmanian asset manager, Jono Craven, said the property is "a good, sustainable, climate-positive project" and that the investment would benefit the local community. He noted that pines already grow in the landscape and that modelling predicts good growth, despite local concerns about the suitability of the site.

Local and political opposition: The sale has drawn public and political backlash, with the Tasmanian government calling on the federal government to intervene and overturn the sale, according to ABC Australia. Critics have questioned the suitability of the land for pine plantation, but Mr Craven expressed confidence that with proper management the plantation would thrive given the region's 700 millimetres of annual rainfall.