CHINA barely rates as an overseas owner of Australian agricultural land, according to the first report of the Australian Land Register out today.

But that almost changed overnight with one monster land deal.

Chinese interests control less than half of 1 per cent of agricultural real estate — the fifth largest parcel of foreign-owned farmland.

But it could have jumped three places to second had Treasurer Scott Morrison approved the $370 million sale to China-backed Dakang Australia of 10 million hectares of S Kidman & Co properties, which stretches across three states and the Northern Territory.

By far the biggest foreign owners of agricultural land are British interests, Mr Morrison revealed today with release of the register, which was created last year after concerns China in particular was buying up prime properties.

He said just 13.6 per cent of all Australian agricultural land was foreign owned, and the preferred investment path was through leasehold.

Of the total, the overwhelming majority, or more than 52 per cent, was owned by United Kingdom investors.

Next come the United States, Netherlands, Singapore and China. Only 0.38 per cent of Australia’s agricultural land is held by Chinese investors.

The Agricultural Land Register is part of the government’s commitment “to increase scrutiny and transparency around foreign investment in Australian agriculture”.

In May, an ABC Compass survey found 80 per cent of 450,000 respondents were concerned about the size of foreign land ownership.

Mr Morrison today supported in principle greater foreign investment.

However, he said the foreign land register was needed “to protect our national interests”.

“With more than $3 trillion worth of foreign investment in Australia today, we cannot afford to risk our economic future by engaging in protectionism,” he said.

“The land register is part of the Turnbull Government’s package of measures to strengthen Australia’s foreign investment regime, which will better help to protect our national interest.”

The Australian Taxation Office administers the register with information coming directly from foreign investors.

All foreign investors with an interest in agricultural land are required to register that interest, regardless of the value of the land.