Bill
Foreign Acquisitions and Takeovers Amendment (Strategic Assets) Bill 2020
lapsed, as at 2020-11-10. (s) KATTER, Bob, Jnr, MP portfolio.
- Sponsor
- Bob Katter
- Portfolio
- (s) KATTER, Bob, Jnr, MP
Recorded stages
- introduced — 2020-02-24
- second reading — 2020-02-24
- other — 2020-11-10
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2020-02-24.
The bill would stop foreign investors from buying more than a 10% stake in Australian assets considered strategically important to the economy or defence.
A new body called the Foreign Ownership Assessment Board would decide which assets are of strategic importance, with its membership set by a Senate majority.
A 45% stake could be allowed if both houses of Parliament approve it by a two-thirds majority vote.
- Creates a new Foreign Ownership Assessment Board to classify strategic assets.
- Bans foreign entities from acquiring more than 10% of strategic assets unless Parliament approves a higher threshold.
- Allows appeals of Board decisions to a Tribunal, with restrictions on legal representation.
Foreign persons and entities seeking to invest in Australian land, water, or other assets of strategic economic or defensive importance.
Sources
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