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ARTICLE · 08 MAY 2024

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FIRB reforms: a strengthened and streamlined approach

Corrs Chambers Westgarth
Corrs Chambers Westgarth
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Corrs Chambers Westgarth

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No new exemptions will be implemented, but FIRB has announced it will streamline applications for investors.

AustraliaGovernment, Public Sector
Jeremy Horwood
Jeremy Horwood
Lizzie Knight
Lizzie Knight
James Morley
James Morley
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On 1 May 2024, the Treasurer announced a 'major overhaul of our foreign investment framework' to strengthen and streamline the regime through an update to Australia's Foreign Investment Policy (Policy).1

The changes, which will generally be implemented administratively by the Foreign Investment Review Board (FIRB) when assessing applications rather than through new legislation, are aimed at implementing a risk-based approach to FIRB's assessment of transactions, flagging a streamline of approval processes for low risk transactions, and greater scrutiny for transactions in sensitive sectors or with 'high risk' characteristics.

Key findings

  • While no new exemptions will be implemented, FIRB has announced it will streamline applications for repeat investors with a strong track record of compliance and passive investors investing in non-sensitive sectors,2 and will target approving 50 percent of applications within the 30-day statutory review period.

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