On 1 December 2015, the most significant changes to Australia’s foreign investment framework in over 40 years were introduced. The reforms provided for stronger enforcement of the rules, a better resourced system and clearer rules for foreign investors.
In the year since the reforms were implemented, the Government has been seeking ongoing feedback from stakeholders on how the reforms are working in practice. Unintended consequences stemming from the 2015 reforms and opportunities for red tape reduction have been identified through this process.
This consultation paper seeks formal views from stakeholders on a suite of proposed changes in the areas of residential land, non-vacant commercial land, low sensitivity business investment and fees. The paper also provides an opportunity for stakeholders to present examples on how technical issues in the legislation could be addressed and any further ideas for reform.
Stakeholders are invited to provide feedback on the proposed changes and the estimated regulatory costs of the options. The final legislative package and the approach to its implementation will be determined by the Government following consultation.