Australia: Changes to Foreign Investment in Australian Real Estate - COVID-19 temporary changes and proposed new changes from 1 January 2021
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With over 25 years' legal experience, I am a senior partner in our Asia-Pacific team, head of the Real Estate practice in Australia/Asia and Global Co-Head of Real Estate.
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In response to the unprecedented economic implications of the COVID-19 pandemic, the Australian Federal Government (Federal Government) announced via the Treasurer new Foreign Investment Review Board (FIRB) temporary measures, effective from 10:30 pm on 29 March 2020, in pursuit of protecting the national interest.
These changes have significant implications for land proposal transactions that would not otherwise be subject to the Foreign Acquisitions and Takeovers Act (Cth) (FATA).
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