Foreign investors will face new restrictions if they want a stake in sensitive industries, under sweeping changes aimed at protecting Australia's national security.
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."
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