This Amendment Bill has now been through the Select Committee process (which included the opportunity for and review of public submissions). The Select Committee Report, setting out its recommended changes to the Bill, was released on 4 March 2021. The Bill will now proceed to its second reading in the House.
This Bill contains the balance of amendments identified in Phase II of the Government’s OIO reform that were not introduced by the recent Urgent Measures Act. The Phase II reforms were designed to achieve a balance between, on the one hand, streamlining the Overseas Investment Act (Act) to cut red tape and support high-quality overseas investment and, on the other hand, strengthening the Act to provide stronger protections for farmland and the ability for the decision maker to consider broader impacts when screening investments.
In its current form the Bill will:
This change has effectively taken effect already, due to transitional “standing consents” granted under the Urgent Measures Act.
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