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ARTICLE · 15 AUGUST 2020

Draft FIRB legislation: what are the implications for Australian technology transactions?

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Any direct investment by a foreign investor into a 'national security business' will require FIRB approval.

AustraliaGovernment, Public Sector
Justin Fox
Justin Fox
James Wallace
James Wallace
James North
James North
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The Federal Treasurer has released an exposure draft of the legislation that will implement his  previously announced reforms to Australia's foreign investment framework. 

Among other changes, the legislation will introduce a zero dollar screening threshold on foreign investments into any 'national security business'. This will mean that any direct investment by a foreigner into a national security business will require FIRB approval.  

In our  June 2020 article, we suggested that this new national security test is likely to have broad application to transactions in the communications, technology and data sectors. The draft legislation has provided further line of sight on the likely implications of the changes for technology transactions undertaken by foreign parties in Australia. 

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