The new test would apply to foreign bids for technology, telecommunications and energy companies, as well as small-scale defence and services firms.The treasurer will have expanded powers to force the sale of assets or impose conditions after a deal is reached if national security is at risk.
Currently, private foreign investments under $275 million - or $1.2 billion for countries that have free trade agreements with Australia - are not screened. Mr Frydenberg said the reforms represent the most significant changes to Australia's foreign investment rules since they were introduced in 1975.
"It is vital that the government have the ability to call in an investment before, during or after acquisition for review if it raises national security concerns," he said."Australia has an enviable track record when it comes to welcoming foreign investment from around the world. These reforms will not change that."More than $13 billion of foreign investment in Australia last financial year came from China.
The US with $58 billion was the biggest source of investment, ahead of Canada, Singapore, Japan with China in fifth place.About 80 per cent of approvals last year had conditions attached.Draft legislation will be released next month, with the government intending to make the changes law before the regime comes into place on January 1.
Good Onya Aussies we still gotta do the same in New Zealand weed out the spies we’ve got your back ANZAC brothers
Fantastic acting
Remember all large Chinese businesses are owned by the CCP
Should take back assets sold to the wrong crowd also
Australia should put a tax amount to foreign property buyers that can benefit the local buyers to keep its land to Australian citizens and permanent residents.
How about equal reciprocal rights for all investments in any country who wants to invest in Australia
Morrison gov lost beef, lost barley, lost tourism . He is going to lost foreign investment and student . Any more what we have ?
Great work Scomo but need total control no Australian assets should ever fall in the hands of non Australian countries companies or people or CCP
And if the government does this surely it will hasten a housing market correction. As this is the only thing which is holding housing prices up.
A little too late....
You've made a spelling mistake. It should say ' from falling into the wong hands'
Should have happened years ago
Bit late mate.
Wow, this Liberal government really wants to wreck our economy. Tax funded upgrades to mansions and destroying our good trading relationships through racism.
Does that include the media owned by the Murdoch propaganda machine?
Absolutely. The Chinese government is Mafia, bully n attack the world with its trade deals and infiltration. Time to stop them to attack us.
Funny how it takes a pandemic, and attempted cover up by the CCP for our government to finally wake-up!?!?!
Excellent!!!! We need special eyes especially on the Third Letter of the Alphabet.
Does that include AMERICA!!!!
Good sensible policy.
👍 👍👍👍it is never too late .
Too late, that train has left the station........
Australia for Australians. Sounds easy to me
The lnp love of money will mean that nothing will change.
Yes but as a UK citizen I cannot buy shares of a company listed on the ASX so what's different? With the loss of Chinese money, you'll need every sort of currency going.
Yes pls. Right move! Pls also set up a law that Media/newspapers/TV can only be owned by Australians. CHINESE Communist Party is so dangerous. And they censor our news. AustralianLabor LiberalAus TimSmithMP
Okay. I am sure there will be wholes once it comes. Good mates are excempt (ie. MickyMouse from US) or the best business partners (ie. China) ... But yes, a bit late ...
It's a bit late isn't it? 🤔🤬👎💩 ScottMorrison scomo LNP LiberalAus auspol 9News
Unbelievable why the sudden change Liberals are always keen to sell out our houses our land our businesses. why does it take so long for these cocks to wake up?
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