Advertisement
An emergency measure to prevent the cheap takeover of Australian assets by foreign buyers will end this week, prompting calls from Labor to overhaul the foreign investment review system to make it more independent of government intervention.
The value threshold at which a foreign investment decision is vetted by the Foreign Investment Review Board (FIRB) was cut to zero by Treasurer Josh Frydenberg in late March.
An emergency measure to protect Australian firms from overseas purchases ends on January 1 as part of broad foreign investment rule changes put in place by Josh Frydenberg.
Credit:Alex Ellinghausen
At the time, Mr Frydenberg said the measure was necessary to safeguard the national interest due to the financial pressures facing Australian businesses. There were concerns within the business community that cashed-up foreign investors could buy distressed Australian firms or assets.
Advertisement
An emergency measure to prevent the cheap takeover of Australian assets by foreign buyers will end this week, prompting calls from Labor to overhaul the foreign investment review system to make it more independent of government intervention.
The value threshold at which a foreign investment decision is vetted by the Foreign Investment Review Board (FIRB) was cut to zero by Treasurer Josh Frydenberg in late March.
An emergency measure to protect Australian firms from overseas purchases ends on January 1 as part of broad foreign investment rule changes put in place by Josh Frydenberg.
Credit:Alex Ellinghausen
At the time, Mr Frydenberg said the measure was necessary to safeguard the national interest due to the financial pressures facing Australian businesses. There were concerns within the business community that cashed-up foreign investors could buy distressed Australian firms or assets.
Charter Hall buys Sydney department store investordaily.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from investordaily.com.au Daily Mail and Mail on Sunday newspapers.
False promises and the story of Xinja s decision to exit banking
False promises and the story of Xinja s decision to exit banking
Xinja burst onto the scene three years ago promising to shake up the banking industry. But now it s exiting banking, so what went wrong?
Save
Normal text size
Very large text size
Eighteen months before fallen neobank Xinja froze its customers’ bank accounts and returned its banking licence, it moved into a flash new office on Sydney’s King Street.
The iconic building was once home to Facebook’s headquarters, and former employees say Xinja’s founders wanted to project the company’s image as being on par with the world’s largest technology companies.
Qscan’s radiology clinic in Mackay, Queensland - one of more than 70 across Australia
Infratil will stump up just over $A730 million for as much as 60% of Aussie radiology chain Qscan.
The Wellington-based investment company’s share price has walked back today’s NZ9c progress to trade at $5.60 since unveiling more details of its much-speculated first foray into healthcare.
Managed by Morrison & Co, Infratil confirmed on Friday it was part of a consortium in talks with private equity firm Quadrant to acquire its network of diagnostic imaging clinics.
The deal was “strategically and financially compelling” for shareholders, it has said.