What are GM Foods?
GM foods, also referred to sometimes as genetically engineered (GE) foods, have ingredients in them that have been modified by a technique called gene technology.

This technology allows food producers to alter certain characteristics of a food crop by introducing genetic material and proteins from another source. Modifications usually involve changing one gene of the 30,000 — 50,000 or so genes that make up an organism.

Examples of GM are a corn plant with a gene that makes it resistant to insect attack, or a wheat plant with a gene that allows it to use less water to grow, and so become more desirable for Australian conditions.
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Are GM foods safe?
GM foods are new to mankind so have no history of safe use. Regulators therefore take a very cautious approach when assessing their safety and suitability for human consumption.

All foods contain beneficial nutrients and, in some cases, toxins and allergens that are harmful to some people with intolerances to them. So even conventional foods, such as peanuts, can not be guaranteed to be absolutely safe for all people in all circumstances.

However, since people first began eating GM foods in the United States in 1993 (and Australia in 1996), there has not been a single report of their causing any adverse health effects in humans. That said, the novelty of GM foods means their long-term effects on human health are unknown.

http://www.foodstandards.gov.au/foodmatters/gmfoods/