While the government signalled this further reform in late 2018, a Cabinet paper released in the closing weeks of last year set out in detail what investors can expect from the regime over the next decade.
Key changes include the implementation of a national interest test that will bring the Act into line with jurisdictions overseas and the simplification of the entire assessment process, including removing low risk transactions from the regime for which screening is unnecessary.
On the whole, the changes will be welcomed by the business community. They address some of the most long-standing and fundamental concerns about the current regime, which have made it a global outlier in terms of complexity and consent timeframes.
