DURING the early 1990s, a series of motions dealing with the surge in foreign ownership of Australian farming land and legislation needed to stop the takeover were debated at NFF meetings.
The reasons were many, varied and compelling, including the effects on the local community, schools and school buses as large tracts of land were amalgamated under one owner and staff rationalised.
Rather than leap into battle, serious debate ensued and each problem dissected, with the eventual verdict being that the problems associated with foreign ownership of land were actually caused by absentee ownership.
It was accepted that there was very little practical difference between an owner living in Sydney or Melbourne than in Tokyo or Dubai, apart from the emotional effect.
At that time, as soon as the grains produced on the foreign owned farms left the property, ownership went to the Australian Wheat Board or of one of the state boards that were in profusion at the time.
All in all, the NFF decided that foreign ownership of farm land in Australia may have produced emotional problems for some, but there were no industry or national problems created.
The subject is back in the news again, with new statistics showing that the amount of farm land in foreign ownership increased by almost 60pc since the 1980s.
However, in real terms it means that the amount of foreign-owned land increased from 28 million hectares to 44 million hectares, an increase of 16m hectares in almost 30 years, hardly enough to go to war about.
Foreigners are not buying Australian land as such, they are actually paying a few hundred dollars per hectare for permission to use it for the foreseeable future, but they can't pack it up and take it home.
At the other end of the scale, foreigners are really buying bits of Australia in the Pilbara, paying a few dollars a tonne and taking it away, a process that is generally considered "a good thing".
People in Esperance are well aware of foreign investment, with the sleepy backwater changing in the 1950s as American money started pouring in to develop this new frontier.
Esperance has prospered since those heady days, but as I was told recently, you wouldn't find an American in Esperance unless a cruise ship was in port and you would also be hard pressed to find an American-owned farm.
As all farmers are aware, farming land is not a speculative investment, but a long-term commitment to an industry, as farm ownership relies heavily on capital gains augmenting the annual returns.
As many businesses have found out, investment in farm land lacks the desired flexibility, for unlike shares in a listed company, the investment cannot be part liquidated or liquidated in a hurry.
Food security is often mentioned in the debate over foreign ownership of Australian farms, with foreign buyers listing it as a reason for buying and locals as a reason for stopping it.
Both seem to overlook the fact that in an emergency, the Federal Government could stop the export of Australian grown foodstuffs, possibly by withholding export permits.
But you have to feel sorry for the foreign owners, as they will soon discover what local farmers have learned the hard way, that is the greatest threat to food security is a succession of incompetent federal governments in Australia.
Governments seem to believe that their mission in life is to make life as difficult as possible for the farm sector.
Peter Lee is a former president of WA Farmers Federation. 
Email a friend