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Treasurer to ‘run the ruler’ over foreign investments

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All foreign investment application will now have to be approved to stop international investors preying on struggling Australian businesses.

Previously, foreign investors needed to apply for approval before purchasing land or assets in Australia if the value was over a certain threshold.

But now, all applications will need to be approved by the Foreign Investment Review Board and the Treasurer, regardless of value.

Many have expressed concerns about China taking advantage of Australia’s weak financial position and buying up valuable assets.

Treasurer Josh Frydenberg tells Alan Jones he has already rejected a number of foreign applications.

“What this legislative change will enable us to do is to run the ruler over every application to ensure it’s in the national interest.

“We don’t want to see predatory behaviour that is against the national interest.”

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