The federal government on Monday announced temporary changes to the foreign investment review framework that are designed to protect Australia’s national interest as the country dealt with the economic implications arising from the spread of the coronavirus.
The changes come as reports emerged that China could attempt to make a play for distressed Australian businesses and assets.
Treasurer Josh Frydenberg noted that all proposed foreign investments into Australia subject to the Foreign Acquisitions and Takeovers Act would now require approval, regardless of value or the nature of the foreign investor.
“This is not an investment freeze. Australia is open for business and recognises investment at this time can be beneficial if in the national interest.