Senator for Victoria Bridget McKenzie says changes to foreign investment review laws will ensure the interests of regional, rural and remote businesses are protected through the ongoing COVID-19 pandemic.
All proposed foreign investments into Australia subject to the Foreign Acquisitions and Takeovers Act 1975 (the Act) would require approval. These measures would remain in place for the duration of the COVID-19 crisis.
Senator McKenzie said this would provide significant protection for agricultural land in these difficult times.
By bringing the threshold for screening down to zero dollars, the Australian Government would ensure all proposed foreign investments were appropriately scrutinised.
“Entire communities right across regional Victoria and Australia face an incredibly tough rebuild following this summer’s horrendous bushfires, sustained drought and now coronavirus,” Senator McKenzie said.
“These foreign investment law changes are effective immediately and mean our fantastic farmers, food and fibre processors and manufacturers can get on with the vital task of keeping our rural production supply chains open and operating.
“The risk of opportunistic foreign raiders getting control of Australia’s food supply assets has been raised with me many times. It is not in our national interest to leave the door open wide for foreign opportunists to take advantage of our clean, green reputation and assets during this pandemic.”
Senator McKenzie acknowledged the Government recognised foreign investment would play an important part in helping many businesses recover from the pandemic’s economic harm – securing jobs and supporting our economic recovery.
Further details to give effect to this announcement will be published on the FIRB website in due course.
Senator Bridget McKenzie
Nationals Senator for Victoria
