ARTICLE · 16 JANUARY 2021

Major reforms to foreign investment and security laws now in force

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The most significant reform is to the acquisition of land and businesses deemed to be in Australia's national interest.

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Australia introduced the Foreign Acquisitions and Takeovers Act 1975 (Cth) to regulate the acquisition of land and assets in Australia, by foreign persons or entities. It imposed reporting obligations on foreign persons and entities engaging in transactions, and provided the Federal Government extensive powers to monitor and intervene in transactions involving foreign persons.

From 1 January 2021, the following laws have come into force which have amended the current Foreign Investment Review Board (FIRB) regime:

Foreign Investment Reform (Protecting Australia's National Security) Act 2020 (Cth); and
Foreign Investment Reform (Protecting Australia's National Security) Regulations 2020 (Cth).

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