Australia's foreign investment laws are getting a shake-up due to national security concerns.Treasurer Jim Chalmers says Australia's foreign investment system will receive a major overhaul in the name of national security interests.
"We are worried about losing control of supply chains. We're worried about losing resilience where there is the capacity for interference." Asked whether changes to the system were directed at China, the treasurer said the government was not focusing on one country or another: "The tests that we apply to investments, apply equally to investments from all parts of the world.
"Sometimes when foreign investment bids are approved — in fairness by governments of either political persuasion — there are a series of conditions imposed on that.Asked whether other agencies, including ASIO, might participate in the on-site visits, the treasurer said he is reluctant to discuss "operational issues".
"The changes I'll announce tomorrow will be a bit about beefing that up, but also having a much more robust information base to make those kinds of often difficult decisions."The overhaul comes just a fortnight before the Albanese government hands down its 2024 budget, which the treasurer says will once again focus on the nation's economic security.
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