China spree sparks FIRB crackdown
The federal government has placed severe, immediate and indefinite restrictions on all foreign investment bids following at least two cases of Chinese-owned companies in Australia securing tonnes of precious medical supplies and shipping them back to China.
Effective from 10.30pm Sunday, Treasurer Josh Frydenberg lowered to zero the dollar value of every foreign investment bid that would trigger scrutiny by the Foreign Investment Review Board and then, ultimately, by him.
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