Bill
Foreign Investment Reform (Protecting Australia’s National Security) Bill 2020
passed, as at 2020-12-10. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2020-10-28
- second reading — 2020-10-28
- second reading — 2020-12-03
- second reading — 2020-12-07
- second reading — 2020-12-07
- committee — 2020-12-07
- third reading — 2020-12-07
- introduced — 2020-12-08
- second reading — 2020-12-08
- third reading — 2020-12-08
- other — 2020-12-09
- passed — 2020-12-09
- royal assent — 2020-12-10
Divisions
- Foreign Investment Reform (Protecting Australia's National Security) Bill 2020 and another - Second Reading - Foreign acquisition — 2020-12-07, House of Representatives: affirmative, ayes 59, noes 5
- The majority voted in favour of a [motion](https://www.openaustralia.org.au/debate/?id=2020-12-07.137.1) to keep the question unchanged. In parliamentary jargon, they voted "*that the words proposed to be omitted stand part of the question.*" The question was: "That this bill be now read a [second time](https://peo.gov.au/understand-our-parliament/how-parliament-works/bills-and-laws/making-a-law-in-the-australian-parliament/)." To read a bill for a second time is to agree with its main idea. — 2020-12-07, House of Representatives: affirmative, ayes 67, noes 55
- Foreign Investment Reform (Protecting Australia's National Security) Bill 2020 and another - Consideration in Detail - Transparency — 2020-12-07, House of Representatives: affirmative, ayes 45, noes 6
- Foreign Investment Reform (Protecting Australia's National Security) Bill 2020 - Second Reading - Publish certain information — 2020-12-08, Senate: negative, ayes 9, noes 40
- The majority voted against [amendments](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/r6614) introduced by Pauline Hanson's One Nation Party on [Australia's water entitlement](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/display.w3p;query=Id%3A%22legislation%2Famend%2Fr6614_amend_2e3fe7c1-aeed-490c-a88d-0283593a0efe%22;rec=0), a [benefit to Australia](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/display.w3p;query=Id%3A%22legislation%2Famend%2Fr6614_amend_20ef88b1-1c4e-4a60-83f9-71abda3893bb%22;rec=0) test and the [publication of the Register](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/display.w3p;query=Id%3A%22legislation%2Famend%2Fr6614_amend_21842ba6-8690-4e9c-9391-bfcfb08267f5%22;rec=0). This means the amendments failed. — 2020-12-08, Senate: negative, ayes 2, noes 47
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2020-10-28.
This bill is part of a package that overhauls Australia's foreign investment screening to better protect national security.
The package would introduce a national security test for certain investments, give the Treasurer new powers to review and block deals, and create a register of foreign-held assets.
The national security test would require mandatory notification for direct investments in sensitive national security businesses or land that could harm Australia's security.
- Establishes a national security test for reviewing foreign investments.
- Creates a register of foreign-owned Australian assets.
- Increases penalties for breaching the Foreign Acquisitions and Takeovers Act.
- Expands the Treasurer's powers to impose conditions or force divestment.
- Introduces new fees for certain foreign investment actions.
- Allows the Treasurer to call in non-notified actions for screening.
Foreign investors, businesses in sensitive sectors, and owners of national security land.
Sources
em
billhome
frl act