The board is under scrutiny by a Senate inquiry as some members question whether it has the resources to adequately review takeovers and enforce conditions of sale.
Since the Morrison government slapped tough restrictions on foreign takeovers to protect local businesses from predators, the Foreign Investment Review Board (FIRB) has been swamped with work.
At a Senate economics committee inquiry into foreign investment proposals on Friday, chaired by Labor Senator Deborah O'Neill, Treasury said FIRB was reviewing 427 foreign investment applications, including 63 that had come through in the past week and 100 in the previous two weeks.
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Adele Ferguson is a Gold Walkley Award winning investigative journalist. She reports and comments on companies, markets and the economy. Connect with Adele on Twitter. Email Adele at adele.ferguson@theage.com.au
