The Treasurer Scott Morrison has said that the government will not be loosening the rules around foreign investment.
This is good news. Currently, any company owned by a foreign government has to apply to the Foreign Investment Review Board (FIRB) before a deal can go through.
Financial bigwigs have been lobbying for a change in the rules that would see any deal worth less than $100 million go ahead without any official scrutiny at all.
This would make it even easier for countries like China to buy up farms, buildings, hi-tech companies and other important Australian assets.
Fortunately, the Treasurer has now confirmed that this attempt to weaken the rules will not be happening. Hats off to Scott Morrison for standing firm.
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