The Australian Government welcomes foreign investment for the significant benefits it provides, while recognising the need to ensure investments are not contrary to the national interest. Foreign investment has helped build Australia’s economy, and it will continue to enhance the wellbeing of Australians by supporting economic growth and innovation into the future. Without foreign investment, production, employment and income would all be lower.
The foreign investment review framework is set by the Acquisitions and Takeovers Act 1975 (FATA) and requires foreign investors to notify the Treasurer of proposed foreign investments that meet certain criteria. Foreign investors should familiarise themselves with Australia’s foreign investment framework and ensure they comply with the law. Failure to do so may result in the imposition of penalties.
The OPGGS Act operates independently to the FATA. In providing advice to the relevant decision maker under the OPGGS Act, NOPTA does not assess whether foreign investment approvals are required under the FATA.
The decision as to whether an application is required is ultimately up to the foreign investor, after considering the guidance on the Australian Foreign Investment Review Board (FIRB) website and making an assessment of their own particular circumstances. Proposals for foreign investment in Australia should be submitted to the FIRB.
If NOPTA is made aware of a pending application under the FATA, for administrative efficiency, NOPTA will advise to the relevant decision maker to wait for the FIRB decision prior to a decision under the OPGGS Act.
Evidence of a foreign investment decision should be provided to NOPTA with the submission of an applicable OPGGS Act application. If it is not available at the time of submission, it will need to be provided separately before a decision is made on a relevant OPGGS Act application.
Further information on Australia’s foreign investment policy including guidance on the foreign investment review framework can be found on the FIRB site at www.firb.gov.au.
General enquiries firbenquiries@treasury.gov.au
