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ARTICLE · 26 MARCH 2021

Significant Changes To Australia's Foreign Investment Framework Commenced On 1 January 2021

Jones Day
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The Australian government has introduced significant changes to its foreign investment review framework.

AustraliaGovernment, Public Sector
Mark Crean
Mark Crean
Shannon Finch
Shannon Finch
Michael Lishman
Michael Lishman
Courtney Dixon
Courtney Dixon
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In Short

The Situation: The Australian government has introduced significant changes to its foreign investment review framework. The centrepiece of the changes is an enhanced review of acquisitions of property or businesses which are sensitive to Australia's national security.

The Result: There are increased obligations on investors and companies acquiring businesses and land in Australia to obtain Foreign Investment Review Board ("FIRB") approval for acquiring direct interests in national security businesses. The Australian government also has increased powers to review foreign acquisitions, including a new 'call-in' power to review acquisitions or actions that may pose a national security risk and a 'last resort' power to review previously approved transactions.

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