The Treasurer will be able to force a foreign company to sell its stake if a national security risk arisesUnder the new plan, the Foreign Investment Review Board would have to approve all investments in a "sensitive national security business", regardless of the value of the deal.
The Government wants the new system in force by January 1, 2021, to address what FIRB described as the "increasing risks to the national interest". The Treasurer would also have "call in" powers to assess an investment before, during, or after an acquisition, as well as the power to order a divestment if national security risks emerge after an investment is approved.
In a statement, FIRB chair David Irvine said the changes would make the system "stronger and more sustainable". "We need to deal with the modern reality … to make sure that our national interest is preserved and that our national security and people's privacy is not exploited."
Don't allow free run off BeltandRoad the way Pakistan braced it. CPEC has crippled our economy and we are dependent on China largesse for almost everything ! We may world's largest Donation Economy. WorldEnvironmentDay2020 Australia
Fantastic.
That ship has long sailed. The ship is a dot. The dot is owned by a forgien government. The dot is not for you. It is gone and you aren't getting it back. Because why would we want to hold onto ports/resouces/land/services, keep properties at reasonable prices. The madness.
'In March, the Fed Govt made temporary changes forcing all foreign investments to get FIRB approval, regardless of value or business type.' And we all know how useless and hollow that was, so how will this be any different? Elephant in the room...
About time this happened.
Should be all businesses, all property, and everything else besides.
.why is Australia defined by reactive policy rather than proactive policy?; why didn't w wake up and smell the coffee decades ago?...all sides of politics own this abject failure - greed and short term-ism were the only beneficiaries...Australia sold it's soul for a payday loan
Like 20 years too late but ok.
Where’s all the solar systems from?
Long overdue!! banchinese BanChina BoycottChina
But Penny Wong wants to sell our farms off? Australia has the most vile and most evil people in gruberment and they all need booting out!!!
All Chinese owned Land Property & Businesses should be requisitioned as compensation for their spreading the ChinaVirus.
spying spying every nations spying all wanting to take over the world every nation is a threat ,this paranoia is driving the worlds people towards a cliff where there will be no return.when if ever will this world its humanity leave the past of tribalism fear &village life behind
How will mad Dan from Victoriastan cope with that...? BeltandRoad
Decades too late, but it's a start.