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ARTICLE · 28 JANUARY 2021

FIRB update: impact of the national security changes on foreign investors

Corrs Chambers Westgarth
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Many investments below the thresholds still need to be notified to FIRB as a result of the new national security test.

AustraliaGovernment, Public Sector
Justin Fox
Justin Fox
James Morley
James Morley
Jonathan Lim
Jonathan Lim
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After a challenging year, foreign investors into Australia have welcomed the reinstatement of the monetary thresholds below which private investors are not required to obtain FIRB approval as representing a return to business as usual.

However, further analysis of the changes that were made to the Foreign Acquisitions and Takeovers Act 1975 and the Foreign Acquisitions and Takeovers Regulation 2015 (together the FIRB Legislation) on 1 January 2021, reveals that many investments that fall below the thresholds will still need to be notified to FIRB as a result of the application of the new national security test.

Moreover, the combined effect of the Treasurer's new call in power and proposed amendments to the Security of Critical Infrastructure Act 2018 (SOCI Act), mean that there is considerably less certainty as to what deals should be notified to FIRB than was the case in the pre-COVID world.

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