Coronavirus (COVID-19) updates

img

FIRB Consultation on Exposure Draft Legislation

Media Releases

Date : 30 July 2020

Author: The Hon Josh Frydenberg MP

The Hon Josh Frydenberg MP
Treasurer

MEDIA RELEASE

31 July 2020

FOREIGN INVESTMENT  REFORMS – CONSULTATION ON EXPOSURE DRAFT LEGISLATION

The Morrison Government has today released for consultation exposure draft legislation amending the Foreign Acquisitions and Takeovers Act 1975 to implement the reforms to Australia’s foreign investment framework announced on 5 June 2020. This consultation reaffirms Australia’s commitment to an open, transparent and non-discriminatory foreign investment review framework that also protects Australia’s national interest.

This consultation is the next step in modernising Australia’s foreign investment regime to keep pace with emerging risks and global developments while allowing it to remain welcoming to foreign investments. The reforms are consistent with similar changes made by our international trade and investment partners.

The new provisions will strengthen Australia’s foreign investment regime and ensure we continue to realise the benefits of foreign investment by requiring foreign investors to:

Under the reforms, Australia’s foreign investment framework will remain non-discriminatory and applications will continue to be assessed on a case by case basis.

This exposure draft legislation follows the release of the detailed foreign investment reform policy paper on 5 June 2020.

Consultations will run for four weeks and the Government welcomes public submissions before 31 August 2020.

The exposure draft materials are available on the Treasury website.

Ends

@JoshFrydenberg on Twitter JOSH ON TWITTER