Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) | Hansard source

Maybe I can assist the senator by describing the role of the Foreign Investment Review Board. The board's function is advisory only. The responsibility for making decisions on policy and proposals rests with the Treasurer. The role of the board, including through its secretariat, is to examine proposed investments in Australia that are subject to the policy, the Foreign Acquisitions and Takeovers Act and supporting legislation; make recommendations to the Treasurer; advise the Treasurer on the operation of the policy and the act; foster an awareness and an understanding, both in Australia and abroad, of the policy and the act; provide guidance to foreign persons and their representatives or agents on the policy and the act; monitor and ensure compliance with the policy and the act; and provide advice to the Treasurer on the policy and related matters. Where the government finds that a proposal is contrary to the national interest, it will not receive approval. Significant reforms to the foreign investment framework came into effect on 1 December 2015, which improved the monitoring of foreign investment and which means we're now better able to measure the benefits of foreign investment for all Australians.