Commercial Information Circulars

24-hour hotline : 23 922 922

Ref: EIC 891/1/4

11 June 2020

Dear Sirs,

Commercial Information Circular No. 457/2020

Textiles Trader Registration Circular No. 6/2020

Australia : Reform of Foreign Investment Framework

The Australian Government announced on 5 June 2020 a proposed reform on its foreign investment framework and will release the draft legislation in July for a six-week consultation. The reform is scheduled to commence on 1 January 2021.

DETAILS

2.According to the Australian Government, the reform aims to deal with national security risks, strengthening compliance measures, streamlining approval processes and administrative enhancements. For details of the proposed reform, please visit the website of Foreign Investment Review Board of the Australian Government <https://firb.gov.au/> or refer to the summary booklet <https://treasury.gov.au/sites/default/files/2020-06/p2020-87595_0.pdf>.

3.The proposed reform does not immediately affect the temporary changes to foreign investment screening thresholds announced by the Australian Government on 29 March 2020, which will remain in place for the duration of the COVID-19 pandemic. The Australian Government anticipates that there will be a transition from the existing temporary arrangements to the new system upon legislation. For details of the existing temporary measures, please refer to Commercial Information Circular No. 282/2020 cum Textiles Trade Registration Circular No. 4/2020 dated 3 April 2020.

4.The Department will monitor the situation and keep traders abreast of the latest development in due course.

ENQUIRIES

5.For enquiries concerning the content of this circular, please contact us at 2398 5594.

Yours faithfully,

(Miss Carmen Chan)
for Director-General of Trade and Industry

Note: While every effort is made to ensure the accuracy of the above information, the Department cannot guarantee this to be so and will not be held liable for any reliance placed on the same.