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Foreign Investment Review Board (FIRB)
Practical Law ANZ Glossary w-020-4336 (Approx. 3 pages)
Glossary
Foreign Investment Review Board (FIRB)
The Foreign Investment Review Board (FIRB) is an administrative body, which advises the Federal Treasurer (Treasurer) and the Federal Government on matters relating to foreign investment. FIRB is supported by a secretariat located within the Federal Treasury and by the Australian Taxation Office. The role of FIRB is defined by the Foreign Investment Policy (the Policy), a public document it has published on behalf of the Treasurer. Its functions include:
- Examining proposed investments in Australia that are subject to the Policy, the Foreign Acquisitions and Takeovers Act 1975 (FATA) and supporting legislation, and to make recommendations to the Treasurer and other Treasury portfolio ministers on these proposals.
- Advising the Treasurer on the operation of the Policy and FATA.
- Fostering an awareness and understanding, both in Australia and abroad, of the Policy and FATA.
- Providing guidance to foreign persons and their representatives or agents on the Policy and FATA.
- Monitoring and ensuring compliance with the Policy and FATA.
- Providing advice to the Treasurer on the Policy and related matters.
FIRB's analysis and recommendations are influential but not binding. The Treasurer retains the responsibility and ultimate power to decide whether a transaction is contrary to the national interest and therefore whether it may proceed; although in practice the Treasurer will always receive and consider FIRB's recommendations.
For more information on FIRB, see the FIRB website. For more information on foreign investment generally, see Practice note, Regulation of foreign investment in Australia and for more information on foreign investment in Australian land, see Practice note, Foreign investment in Australian land.