{"id":6953,"date":"2020-12-22T02:43:30","date_gmt":"2020-12-22T02:43:30","guid":{"rendered":"https:\/\/www.innovationaus.com\/?p=15792"},"modified":"2020-12-22T02:43:30","modified_gmt":"2020-12-22T02:43:30","slug":"govt-dismissive-of-tech-concerns-on-firb-changes","status":"publish","type":"post","link":"https:\/\/radiofree.asia\/2020\/12\/22\/govt-dismissive-of-tech-concerns-on-firb-changes\/","title":{"rendered":"Govt \u2018dismissive\u2019 of tech concerns on FIRB changes"},"content":{"rendered":"
The federal government was<\/strong> \u201cdismissive\u201d of concerns raised during consultations about the impact of reforms to Australia\u2019s foreign investment laws on local tech companies, with these left unaddressed in the final legislation, according to Q-CTRL founder Professor Michael Biercuk.<\/p>\n During the last sitting fortnight of the year, significant reforms to Australia\u2019s foreign investment framework were passed with bipartisan support.<\/p>\n The reforms include a new national security test with no monetary threshold for any company deemed to be a national security business, which are defined as \u201cendeavours that if disrupted or carried out in a particular way may create national security risks\u201d. The definition likely covers a number of local tech companies and startups.<\/p>\n The legislation also hands the Treasurer significant powers to block or divest an investment.<\/p>\n