Generally, foreign investment in Australia requires prior approval by the Australian Treasurer, although (with certain provisos) investments below A$3m or A$5 million (depending on sector) were excepted from this requirement.

The Australian government announced at the beginning of August 1999, however, that the threshold under which approval was not required would be raised to A$50 million. The provisos to the exception will, however, apparently still apply, so that prior approval will still be required for investments below A$50 million in certain politically sensitive areas such as media, residential real estate, etc.

For further information on these topics please contact Danny Simmons or Mark Pistilli at Atanaskovic Hartnell by telephone (+61 2 9777 7000) or by fax (+61 2 9777 8777) or by email ([email protected] and [email protected]).

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