On Friday 5 June the Treasurer announced comprehensive reforms to the foreign investment review framework. The reform package includes measures to strengthen the existing framework with: enhanced national security review of sensitive acquisitions; extra powers and resources to ensure foreign investors comply with the terms of their approval; and amendments to streamline investment in non-sensitive areas. This announcement does not immediately affect the temporary changes to the framework that the Government introduced to safeguard the national interest during the coronavirus crisis.
Further detail about the reforms is available on the Treasury website and in this Summary Booklet. The Government will release exposure draft legislation in July ahead of a six week consultation period. The reforms are scheduled to commence on 1 January 2021.
Media Release – The Hon Josh Frydenberg MP – Major reforms to Australia's foreign investment framework
Statement – David Irvine – FIRB Chair
Summary booklet – Foreign investment reforms