Australia introduced the
Foreign Acquisitions and Takeovers Act 1975 (Cth) to regulate the acquisition of land and assets in Australia, by foreign persons or entities. It imposed reporting obligations on foreign persons and entities engaging in transactions, and provided the Federal Government extensive powers to monitor and intervene in transactions involving foreign persons.
From 1 January 2021, the following laws have come into force which have amended the current Foreign Investment Review Board (
FIRB) regime:
Foreign Investment Reform (Protecting Australia s National Security) Regulations 2020 (Cth).
National Security Business and National Security Land
The biggest change is to the acquisition of land and businesses deemed to be in the national interest. The reforms require mandatory notification of:
In the media
Australia makes top 10 for real estate investment
Australia just became one of the top ten countries to buy real estate with inbound investments to increase sharply in 2021 (04 November 2020). More.
Office outlook optimistic for 2021
There is likely to be “no major demise” to the global office sector, despite remote working arrangements, with higher rental incentives expected in CBD offices, according to a global survey by Savills Investment Management (04 December 2020). More.
Australian commercial property firms see environmental management as increasingly important to their business
Many companies that work in commercial real estate are lagging behind other industries in terms of good environmental management, but there is an increasing number that are catching up fast, a new international report has found (03 December 2020). More.
Australian foreign investment reform legislation passed by Parliament
Reform Act) and the
Foreign Acquisitions and Takeovers Fees Imposition Amendment Act 2020 (
Fees Act) received Royal Assent on 10 December 2020, confirming that the Commonwealth Government’s changes to Australia’s foreign investment regime will take effect from 1 January 2021.
Timeline for reforms is now confirmed
The Reform Act passed both Houses of Parliament on 9 December 2020, after amendments made by the Senate were agreed to by the House of Representatives. The Fees Act passed both houses on 8 December 2020 without amendment. The operative provisions of both Acts will commence on
1 January 2021.
2021 brings significant change to the foreign investment regime
Image: APH
Minister for Home Affairs Peter Dutton introduced the
Security Legislation Amendment (Critical Infrastructure) Bill 2020 into Parliament on Thursday, labelling it as a significant step in the protection of critical infrastructure and essential services that Australians rely upon. Critical Infrastructure underpins the delivery of goods and services that are essential to the Australian way of life, our nation s wealth and prosperity, and national security, Dutton said. While Australia has not suffered a catastrophic attack on our critical infrastructure, we are not immune. Australia is facing increasing cybersecurity threats to essential services, businesses, and all levels of government.
While Dutton said owners and operators of critical infrastructure are best placed to deal with such threats, he said it takes a team effort to bring about positive change.