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ARTICLE · 08 APRIL 2020

COVID-19 | Changes to the Foreign Acquisitions and Takeovers Act 1975

Article discusses the two key temporary changes to the way foreign investment is reviewed in Australia since the pandemic.

AustraliaCoronavirus (COVID-19)

On 29 March 2020, the Hon. Josh Frydenberg MP, Treasurer, announced changes to the way foreign investment is reviewed in Australia.

The two key changes are:

(1) All monetary screening thresholds in the Foreign Acquisitions and Takeovers Act 1975 (Act) have been reduced to $0 meaning all proposed foreign investment into Australia (unless exempt under the Act) is subject to review by the Foreign Investment Review Board (FIRB); and

(2) In order to ensure sufficient time for screening applications, the timeframe for reviewing both new and existing applications to the FIRB has increased from 30 days to six months.

A couple of important points:

The changes came into effect on 29 March 2020.

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For further information please contact:

Michael Byrnes, Partner
Phone: + 61 2 9233 5544
Email: [email protected]

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