On Friday 31 July the Treasurer announced the release of the exposure draft of the Foreign Investment Reform (Protecting Australia’s National Security) Bill 2020 for public consultation. The exposure draft Bill amends the Foreign Acquisitions and Takeovers Act 1975 to implement the reforms to Australia’s foreign investment framework announced on 5 June 2020.
This consultation reaffirms Australia’s commitment to an open, transparent and non-discriminatory foreign investment review framework that also protects Australia’s national interest. The Exposure Draft Bill, Regulation and an Explanatory Memorandum can be found on the Treasury consultation webpage. We welcome written submissions to FIRBStakeholders@treasury.gov.au before 5:00pm on 31 August 2020.