The FIRB regime from 1 January 2021: what you need to know
Significant changes to Australia's foreign investment approval (FIRB) regime came into effect on 1 January 2021. Our FIRB experts have summarised the key information you need to know about how the new FIRB regime operates.
The key changes include:
- new mandatory FIRB approval requirement for investments in national security businesses and national security land
- new 'last resort' power for the Australian Treasurer to unwind, on national security grounds, transactions that were previously granted FIRB approval
- new 'call-in' power for the Australian Treasurer to review and make orders (including unwind orders), on national security grounds, in respect of a broad range of transactions that did not require nor were previously granted FIRB approval
- significantly increased penalties for non-compliance with the FIRB regime
- a new FIRB filing fee regime