Updates the Guidance Notes related to the foreign investment framework

In July 2023, the Government of Australia updated six Guidance Notes related to its foreign investment framework. Here are the key updates: • Guidance Note 1: Overview: Australia’s Foreign Investment Framework (issued on 1 July 2023) provides foreign investors with an overview of the rules that underpin Australia’s foreign investment framework, and how those rules are applied. • Guidance Note 2: Key Concepts (issued on 1 July 2023) provides essential definitions and explanations regarding key concepts in Australia's foreign investment framework. It clarifies terms such as "foreign person", "foreign government investor", and "significant actions" related to investments in Australian assets. • Note 6 on Residential land (issued on 1 July 2023) outlines the requirements for foreign investors acquiring residential land in Australia, emphasizing the need for FIRB approval. It details the types of properties requiring approval, the application process, and relevant fees, while noting exemptions for new dwellings and developments. The guidance aims to ensure compliance with foreign investment policies in the Australian residential market. • Guidance Note 8: National Security (issued on 1 July 2023) outlines the national security implications of foreign investments, detailing how certain actions may require additional scrutiny under national security provisions to protect Australia's interests. • Guidance Note 9: Exemption Certificates (issued on 1 July 2023) explains the conditions under which exemption certificates may be granted, allowing certain foreign investments to bypass standard approval processes under specific circumstances. • Guidance Note 11: Protecting the National Interest (issued on 4 July 2023) provides guiding principles for developing conditions that protect Australia's national interest in relation to foreign investments, emphasizing a balanced approach between attracting investment and safeguarding national security.

The Guidance Notes are available at: https://foreigninvestment.gov.au/guidance

• Type:

  • Promotion and facilitation (Investment facilitation )

• Industry:

  • Not industry specific

• Sources:

  • Government Portal, Guidance Notes, https://foreigninvestment.gov.au/guidance , 04 Jul 2023