The Treasurer has today announced temporary changes to the foreign investment review framework. The Foreign Investment Review Board (FIRB) was consulted upon and fully supports the changes.
These temporary measures have been necessitated by extraordinary economic circumstances. Foreign investment is and will continue to be critical to Australia’s prosperity. These temporary measures are necessary to protect the national interest during an historically challenging time for the economy, businesses and the broader community.
The FIRB will continue to assess foreign investment applications against the national interest (including support for employment) on a case by case basis. It will seek to accommodate commercial deadlines wherever possible. The FIRB will continue to be supported by the resources of the Treasury and the Australian Taxation Office.
29 March 2020