The Treasurer has announced changes to Australia’s foreign investment review framework, effective from 10.30pm AEDT on Sunday 29 March 2020, relating to monetary thresholds and timeframes for reviewing applications. Details are available in our recent News article, including Q&A. Material on the FIRB website is being updated to capture these changes. In the meantime, all material on this website, including guidance notes, should be read in light of the Treasurer’s announcement.

About FIRB

The Foreign Investment Review Board (the Board) is a non statutory body established in 1976 to advise the Treasurer and the Government on Australia's Foreign Investment Policy (the Policy) and its administration.

The Board's functions are advisory only. Responsibility for making decisions on the Policy and proposals rests with the Treasurer. The Treasury's Foreign Investment Division (the Division) provides secretariat services to the Board and is responsible for the day to day administration of the arrangements.

The role of the Board, including through its secretariat, is to:

  • examine proposed investments in Australia that are subject to the Policy, the Foreign Acquisitions and Takeovers Act 1975 (the Act) and supporting legislation, and to make recommendations to the Treasurer and other Treasury portfolio ministers on these proposals;
  • advise the Treasurer on the operation of the Policy and the Act;
  • foster an awareness and understanding, both in Australia and abroad, of the Policy and the Act;
  • provide guidance to foreign persons and their representatives or agents on the Policy and the Act;
  • monitor and ensure compliance with the Policy and the Act; and
  • provide advice to the Treasurer on the Policy and related matters.

View further information on the Foreign Investment Review Board's performance framework.

Board membership:

The Board currently comprises six part-time Members and a full-time Executive Member.

Photo of David Irvine

Mr David Irvine AO

Chair and non‑executive member

Chair since 16 April 2017
Member since 3 December 2015

Mr Irvine has significant national security expertise as a former Director‑General of both the Australian Security Intelligence Organisation and the Australian Secret Intelligence Service. He is also a former Australian Ambassador to China and former Australian High Commissioner to Papua New Guinea.

Other roles

Adjunct Professor – Australian Graduate School of Policy and Security at Charles Sturt University
Chair – Cyber Security Research CRC

Photo of Teresa Dyson

Teresa Dyson

Non-executive member

Member since 2 January 2018

Ms Dyson is a non-executive director, serving on a range of listed, public and not-for-profit boards. Ms Dyson has experience as a senior tax adviser with over 25 years of experience, including as a partner at Ashurst and Deloitte, advising on infrastructure, financing, corporate tax issues, mergers and acquisitions activities, the not-for-profit sector, and tax controversy.

She brings corporate and governance experience from a range of sectors. Ms Dyson is a former member and chair of the Board of Taxation.

Other roles

Director – Energy Qld Ltd
Director – Energy Super
Director – Genex Power Ltd
Director – Seven West Media Ltd

Photo of Alice Williams

Ms Alice Williams

Non-executive member

Member since 16 July 2015

Ms Williams has over 25 years of senior management and board level experience in the corporate and government sectors. Former directorships include Ansett Australia, the Australian Accounting Standards Board, JP Morgan, NM Rothschild, State Trustees and a Commissioner of the Victorian Competition and Efficiency Commission. She has been a consultant to listed corporations in Australia, the Gulf States and state and federal regulatory bodies.

Other roles

Director – Cooper Energy Ltd
Director – Defence Health
Director – Djerriwarrh Investments Ltd
Director – Racing Victoria
Director – Equity Trustees
– Tobacco Free Portfolio

Photo of David Peever

Mr David Peever

Non-executive member

Member since 1 February 2016

David Peever retired as Managing Director of Rio Tinto Australia in 2014 after twenty seven years of service. During his career with Rio he lived in many parts of Australia as well as postings in Singapore, Los Angeles and London.

He is a former Vice Chairman of the Minerals Council of Australia and Director of the Business Council of Australia. He was a member of the Prime Minister’s Indigenous Advisory Council and Chaired the Minister of Defence’s First Principles Review of the Defence Department as well as the subsequent Implementation Oversight Committee. He is a former Director of Melbourne Business School and was the founding Director of the Stars Foundation which enables education and opportunity for Indigenous girls. He is also the former Chairman of Cricket Australia.

David is currently Chairman of the Brisbane Airport Group of Companies and a Non Executive Director of the Australian Financial Investment Company and Naval Group Australia.

Other roles

Chairman – Brisbane Airport Corporation Group of Companies
Chair – First Principles Review Oversight Board
Director – Australian Foundation Investment Company
Director – Melbourne Business School
Director – Naval Group Australia
Director – Stars Foundation

Photo of Cheryl Edwardes

Hon. Cheryl Edwardes AM

Non-executive member

Member since 14 August 2017

Mrs Edwardes brings extensive legal and regulatory experience to the Board. Mrs Edwardes, a solicitor by profession, is a former Minister in the Court Government and was the member for Kingsley for 17 years.

In 1993, she became the first woman to be appointed Attorney General in Western Australia. Mrs Edwardes was awarded an Order of Australia in the Queen’s Birthday Honours 2016 for significant service to the people and Parliament of Western Australia,to the law & to the Environment and through Executive roles with business, education and community organisations.

Other roles

Commissioner – West Australian Football Commission
Director – VIMY Resources
Director – Flinders Resources
Director – AusCann

Photo of Nick Minchin

Hon Nick Minchin AO

Non-executive member

Member since 17 December 2018

Mr Minchin brings wide ranging senior leadership credentials, public policy, industry and international experience to the Board.

Recently, Mr Minchin served as the Australian Consul-General in New York.

Mr Minchin held a number of ministerial positions, including as Minister for Industry, Science and Resources from 1998 until 2001 and Minister for Finance and Administration from 2001 until 2007. While in office, he held the posts of Leader of the Government in the Senate, and Vice‑President of the Executive Council. Mr Minchin was elected to the Australian Senate for South Australia in July 1993 and served until June 2011.

Margaret McDonald

Margaret (Meg) McDonald

Non-executive member

Board member since 26 March 2019.

Ms McDonald has extensive experience in senior public and private sector roles, in Australia and internationally.

Ms McDonald has previously held a number of executive positions including Chief Operating Officer of the Clean Energy Finance Corporation; CEO of Low Carbon Australia Limited (LCAL) and positions with global resources and metals manufacturer Alcoa.

Ms McDonald was Deputy Ambassador to the United States in Washington DC between 1998-2002 and as Australia’s Ambassador for the Environment between 1996-98. 

Meg holds an Honours Degree in Applied Science from the University of NSW.

Other roles

Director - Australian Renewable Energy Agency
Interm Chair – Future Cities Co-operative Research Centre
Trustee - The Nature Conservancy

Photo of Roger Brake

Mr Roger Brake

Executive Member of the Board since 6 March 2017

The position of Executive Member is held by the Division Head of Treasury's Foreign Investment Division. The Executive Member provides the link between the Board and the Division, which provides advice and support to the Board.