Foreign Investment Overhaul to Prioritise ‘Trusted’ Partners Amid National Security Concerns

The treasurer says ‘national security’ will define the impending federal budget.

Australian Treasurer Jim Chalmers is seen at Parliament House in Canberra, Australia, on March 25, 2024. AAP Image/Lukas Coch

Foreign investment into Australia will be overhauled to preference trusted investors over those with higher security risks, Treasurer Jim Chalmers has revealed.

The move is designed to lure funds for the recently announced Future Made in Australia Act, aimed at boosting local manufacturing and renewable energy development.