News

Foreign investment application fees have been indexed for the 2019-20 year. Revised fees will apply to applications made and notices given as of 1 July 2019. The fee schedule and further information on the application of fees is provided in Guidance Note 29 (residential land) and Guidance Note 30 (business).

A fee estimator is available to provide estimates of fees for different types of foreign investment applications.

The Australian Communications and Media Authority (the ACMA) maintains a publicly available Register of Foreign Owners of Media Assets under section 74D of the Broadcasting Services Act 1992 (the BSA), which is a register of foreign persons who hold company interests of 2.5 per cent or more in an Australian media company.

In 2017-18, the Foreign Investment Review Board (FIRB) reviewed a significant number of high profile foreign investment applications, including the acquisition of the Whyalla steelworks and the acquisition of Australia’s largest diagnostic imaging provider, I-MED Radiology Network. Over 11,000 proposed transactions were approved representing potential investment of $163.1 billion.

From 1 September 2018, a foreign person with company interests of 2.5% or more in an Australian media company must notify the Australian Communications and Media Authority. Australian media companies include companies that hold commercial television or radio broadcasting licences, or that publish a newspaper that is associated with a broadcasting licence area.

Revised guidance has been released on the application of the requirement for an open and transparent sale process for foreign purchases of agricultural land. The revision of the guidance notes has been informed by a range of stakeholder views.

FIRB Chairman David Irvine AO delivered a keynote address to the forum outlining Australia’s approach to foreign investment and the national interest test.

Foreign investment application fees have been indexed for the 2017-18 year. Revised fees will apply to applications made and notices given as of 1 July 2018. The fee schedule and further information on the application of fees is provided in Guidance Note 30 (business) and Guidance Note 29 (residential land).

A fee estimator is available to provide estimates of fees for different types of foreign investment applications.

The new Foreign Investment Review Board (FIRB) Application Portal (Portal) is now live.

All non-residential applications for foreign investment must now be lodged through the Portal. If an interim application was submitted between 28-30 June inclusive, applicants will now need to lodge their full application using the Portal.

Reflecting recent changes in the foreign investment framework, the application checklist has been updated to provide up to date assistance for investors in completing their application. The checklist outlines information that must be included in all applications (except residential real estate applications) as well as additional information that may be required for certain types of applications.

Significant delays in processing can be expected for applications that do not include information outlined in the checklist.

In 2016–17 the total number of applications approved was 14,357 representing $193 billion of proposed investment. Despite the decline in residential real estate approvals, the value of business related approvals was relatively stable. The services sector attracted the highest value of approved investment, totalling $54 billion, along with significant proposals focused on ports and electricity network assets. Overall, China and the United States continued to be the top two sources of proposed investment.

The Australian Government has released new guidance clarifying that foreign investors can only acquire agricultural land where there has been an open and transparent sale process.