Mark Coulton (Parkes, Deputy-Speaker, Minister for Regional Health, Regional Communications and Local Government) Share this | Hansard source

I would like to thank those members who have contributed to this debate on the Foreign Investment Reform (Protecting Australia's National Security) Bill 2020. This package of bills will make important changes to strengthen Australia's foreign investment review framework, while ensuring that Australia maintains a welcoming environment for investment that is not contrary to our national interests.

These reforms will ensure that from 1 January 2021 Australia's foreign investment review framework is properly equipped to keep pace with emerging risks and global developments. These changes preserve the underlying principles of our system, that Australia welcomes foreign investment for the significant benefits it provides but also ensures that investments are not contrary to the national interest. Australia's foreign investment framework will remain nondiscriminatory and applications will continue to be assessed on a case-by-case basis. I commend this bill to the House.

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