Australia’s wealthiest individual, Gina Rinehart, has sold a substantial cattle property and an adjacent smaller station in western Queensland for an estimated $55 million to $60 million. The transaction is reported to be part of an effort to avoid paying approximately $1 million in foreign land tax.

The properties involved include the 16,440-hectare Rockybank station and the nearby 4,145-hectare Holyrood station. Both are located near Roma and were purchased by Queensland wagyu producer Laird Morgan and his family. An adjoining 2,082-hectare portion known as Mafra South had already been sold earlier this year to a separate buyer. Collectively, these transactions represent a significant reduction of the 22,600-hectare Rockybank aggregation, which is comparable in size to the Cook Islands.

The cattle stations had been owned by S Kidman & Co, a joint venture between Hancock Prospecting, chaired by Rinehart, and Shanghai CRED of China. The group placed the aggregation on the market in January, citing Queensland’s land tax policies as the catalyst for the sale.

A spokesman for Hancock Agricultural said at the time that the decision to divest the Rockybank aggregation was “difficult and unavoidable” due to the ongoing impact of Queensland’s foreign land tax regime. The tax, introduced under the previous Labor state government, applies to freehold land assets owned by foreign investors and was initially intended to target metropolitan residential and commercial properties. However, its scope has extended to include agricultural holdings, affecting owners such as Hancock Prospecting.

The current Liberal National Party government in Queensland has not altered the tax since taking office. The land tax has drawn criticism from agricultural stakeholders who argue it places additional financial burdens on large landholders and complicates investment decisions.

While the tax aims to address concerns about foreign ownership of local land, opponents contend it has led to unintended consequences, including the forced sale of productive agricultural assets. Supporters maintain that the policy is necessary to regulate land acquisitions and ensure fairness in the market.

Rinehart’s decision to sell these cattle stations underscores the broader challenges faced by agricultural enterprises navigating tax policies and investment environments in Australia.