FIRB Update: Significant Reforms to Australia’s Foreign Investment Framework

ACBC Victoria is pleased to invite you to our timely briefing on the new foreign investment reforms, providing insights on the latest Foreign Investment Review Board (FIRB) developments and practical guidance for local companies and potential Chinese investors.

On Friday 5 June, the federal government announced the most significant foreign investment reforms since 1975. The comprehensive changes build upon the existing framework and temporary measures put in place during COVID-19 and will provide greater clarity around foreign investment into sensitive sectors.

Given Australia’s position as an attractive destination for foreign investment, the proposed reforms have been designed to safeguard national security during a time when the domestic economy and business sector is under growing pressure. Should the legislation pass, changes will come into effect on 1 January 2021 and will include the introduction of a national security test, stronger enforcement powers, greater compliance monitoring and harsher penalties.

What is the nature of these changes and how will they affect current and prospective investors in Australia? And with both Hong Kong SAR and China falling into Australia’s top 10 inbound investment markets, how will this affect the broader Australia-China relationship?

Join us for this exclusive online panel discussion and Q&A event. Places are limited. ACBC Vic is proud to partner with King & Wood Mallesons (KWM) to host this event.

Speakers include:

• Roger Brake, Division Head of Foreign Investment and Trade Policy Division, Federal Treasury & Executive Member of the Board, FIRB
• Malcolm Brennan, Partner, King & Wood Mallesons
• Andrew Deitz, Principal Adviser, FIRB & Foreign Investment Division, Federal Treasury
• Matthew Schofield, President, ACBC Victoria

Key areas covered by our speakers will be:

• Details of the proposed new reforms and impact on the investment landscape.
• How FIRB is continuing to deal with temporary measures and a subsequent exit strategy.
• Industries that will be significantly affected by new investment regime.
• Expected timelines for the implementation of reforms.