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ARTICLE · 18 JUNE 2020

Enhanced foreign investment scrutiny during COVID-19 crisis

Holding Redlich
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Temporary changes to Australia's foreign investment review framework aim to protect national interests during COVID-19.

AustraliaGovernment, Public Sector
Carl Hinze
Carl Hinze
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Enhanced foreign investment scrutiny during COVID-19 crisis

On Sunday, 29 March 2020, the Federal Treasurer, Josh Frydenberg, announced important temporary changes to Australia's foreign investment review framework to protect the national interest during the COVID-19 crisis.

All relevant foreign investment will now require FIRB approval

As of 10:30pm AEDT on Sunday, 29 March, the threshold amounts which apply in determining whether particular foreign investments are subject to Australia's foreign investment framework are now $0. This means that, for the duration of the coronavirus crisis, all proposed foreign investments into Australia which are subject to the Foreign Acquisitions and Takeovers Act 1975 (Act) will require Foreign Investment Review Board (FIRB) approval, regardless of the value or the nature (or country of origin) of the foreign investor.

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This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.

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