ARTICLE · 17 AUGUST 2009

Foreign Investment Screening Framework Reform

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On 4 August 2009 the Treasurer, Mr Wayne Swan, announced reforms to the Australia's foreign investment screening framework.

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On 4 August 2009 the Treasurer, Mr Wayne Swan, announced reforms to the Australia's foreign investment screening framework.

Currently the Foreign Acquisitions and Takeovers legislation contains six thresholds which prescribe when an overseas business investing in Australia must be reviewed by the Foreign Investment Review Board ("FIRB") or when it must notify the Federal Government.

The most common threshold is an acquisition of 15 per cent or more in an Australian business valued at $100 million or more, while offshore takeovers are subject to a threshold of $200 million.

There are also three investment thresholds for United States investors only. The first threshold is indexed at $110 million for sensitive sector acquisitions, the second is indexed at $219 million for offshore takeovers and the third is indexed at $953 million for investment in non-sensitive sectors.

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