The Foreign Investment Review Framework

Foreign investments into Australia are subject to review according to the framework set by the Foreign Acquisitions and Takeovers Act 1975 and the Foreign Acquisitions and Takeovers Fees Impositions Act 2015. This framework mandates that  foreign investors notify the Treasurer of proposed foreign investments if they meet certain criteria, such as if the investor is a foreign government, if the type of investment is likely to raise national security concerns, and if the size of the investment surpasses a given threshold. The Treasurer can prohibit investments, or apply conditions to their implementation, to ensure they will not jeopardise the national interest. The Treasurer is advised by the Foreign Investment Review Board (FIRB), an independent, non-statutory advisory body, but is not bound to follow the FIRB's recommendations. 

On 1 May 2024, the Australian government announced updates to this framework to enhance the screening of foreign investments in sensitive industries, such as critical infrastructure, information technology and critical minerals. 

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