The chairman of the Foreign Investment Review Board insists that new rules designed to protect Australia’s national security interests in takeovers will affect only a small number of transactions, despite growing concern among foreign investors about the increasing hurdles they face.

Speaking at the third annual M&A conference organised by Allens, Herbert Smith Freehills and King & Wood Mallesons, David Irvine said the new rules proposed by Treasurer Josh Frydenberg were in line with moves by a number of other countries including the United States, Japan and Canada, and would be focused on deals in areas such as critical infrastructure, defence and telecommunications.