FIRB crackdown had a 'chilling' effect on foreign interest
Property executives said the emergency crackdown on foreign investment made deals more expensive and complicated, and threatened to turn off investors in the long term.
In March at the height of uncertainty and hysteria about the pandemic, and in response to Chinese-owned companies pouncing on Australian medical supplies, 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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