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.

Peru-Australia Free Trade Agreement Comes Into Force

On 11 February 2020, the Peru-Australia Free Trade Agreement (PAFTA) came into force. One of the outcomes of the PAFTA is that Peruvian investors are now subject to higher monetary thresholds for foreign investment screening. For privately-owned Peruvian investors, acquisitions of non-sensitive businesses and of developed commercial land will now be subject to a threshold of $1,192 million. Amendments have been made to the Foreign Acquisitions and Takeovers Regulation 2015 to give effect to this change.

Further information on the PAFTA is available on the Department of Foreign Affairs and Trade’s website.