Australian government cracks down on Chinese firms seeking to buy distressed firm during coronavirus

Australia is not for sale! Government cracks down on Chinese raiders looking to snap up struggling firms amid coronavirus crisis

  • Treasurer Josh Frydenberg declared zero dollar threshold for foreign investment
  • He stressed the measures were temporary ‘for the duration of the current crisis’ 
  • Coronavirus symptoms: what are they and should you see a doctor?

The Australian government is cracking down on Chinese state-owned firms eyeing distressed local businesses during the coronavirus pandemic.

Treasurer Josh Frydenberg has declared there will be a zero dollar threshold for all proposed foreign investments of an Australian business or business entity.

He made the announcement on Sunday after federal Liberal MP Andrew Hastie called for the Foreign Investment Review Board to be alert to the possibility of Chinese firms buying up distressed Australian assets.

Mr Frydenberg, the Liberal Party’s deputy leader,  stressed the measures were temporary and would ‘remain in place for the duration of the current crisis’ with no mention made of China in the media statement.