Foreign investment rules facing overhaul
PROPOSED CHANGES TO FOREIGN INVESTMENT LAWS
* All foreign investments in sensitive national security businesses will be subject to screening
* Foreign investors will be required to notify the investment review board if they want to start or acquire an interest in a sensitive national security business
* Treasurer can "call in" an investment before, during, or after an acquisition for review if it raises national security risks
* Treasurer has "last resort review power" to apply or change conditions and order disposal of foreign investments when national security risks emerge
* Government will have powers to access premises with a warrant or consent to investigate non-compliance
* Process for non-sensitive business investment will be streamlined to exempt some companies
* Agencies will get an extra $54 million for compliance and monitoring
* Government will release exposure draft legislation for a six-week consultation period in July
* Definition of sensitive national security business will be determined after consultation, but is expected to include telecommunications, utilities, energy, defence supply chain and data storage firms
* Legislation will be introduced into parliament with the intention of passing before the new regime starts on January 1 next year
