Frydenberg: Foreign Owners Wont Be Allowed To Easily Buy Australian Businesses

Federal treasurer Josh Frydenberg joined the Hot Breakfast this morning and confirmed that the government will be enforcing strict measures for foreign investors. 

The government will enforce a strict application process for foreign companies to buy Australian businesses during these tough financial times.

The desired outcome is to keep businesses owned by Australian's and to keep jobs on our shores in the long run when the economy bounces back. 

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"We're abolishing the threshold of which companies are subject to the scrutiny by the foreign investment review board," Frydenberg said. 

"Which effectively means, every foreign investment proposal will be scrutinised by me and my department to ensure that it's in the national interest.

"So that means taking into account the character of the investor, the tax implications, the competition implications and of course the national security implications. 

"We don't want any predatory behaviour that is not in the national interest."

Listen to the full chat with Frydenberg here.