On 9 December 2020, AST GVT passed legislation on foreign investment framework reform.
- Requires foreign investors to seek approval for all investments in sensitive national security land or businesses, including starting such a business, regardless of value.
- Subjects foreign investors to enhanced monitoring and investigation powers.
- As well as continue to bear the costs of administering the foreign investment regime, under a reformed fee framework that will be fairer and simpler for foreign investors.
- Temporary $0 monetary screening thresholds introduced in response to Covid will be removed from 1 January 2021, but mandatory screening of investments in sensitive national security businesses will continue at the current $0 monetary threshold.
- Reforms will commence 1 January 2021.