Department of State Development

From a trade and investment perspective, the COVID-19 focus has been on business continuation, including trade impacts and maintaining key trade relationships. 

However, the Federal and State Governments still welcome foreign investment as a vital component in supporting jobs growth both now and in the longer term. 

FIRB changes

Temporary foreign investment changes were announced by the Treasurer on 29 March, with immediate effect.

This effectively temporarily reduces the threshold for requiring Foreign Investment Review Board (FIRB) approval to $0, down from previous levels of:

  • $1.192 billion for Free Trade Agreement (FTA) nations.
  • $275m for non-FTA nations.
  • $60m in Agribusiness.

This change is to allow extra government oversight in the national interest at a time of actual and potentially distressed asset values.