Foreign Investment Reform (Protecting Australia's National Security) Act 2020 (114 of 2020)

Schedule 1   Main amendments

Part 1   Amendment of the Foreign Acquisitions and Takeovers Act 1975

Foreign Acquisitions and Takeovers Act 1975

204   Section 122

Repeal the section, substitute:

122 Authorisation of disclosures to Commonwealth Ministers and Commonwealth bodies

Authorisation

(1) A person may disclose protected information to a person covered by subsection (2) for the purposes of:

(a) administering a law covered by subsection (3); or

(b) a Minister discharging that Minister's responsibility for a matter covered by subsection (5).

Persons to whom protected information may be disclosed

(2) This subsection covers the following persons:

(a) a Minister who has responsibility for:

(i) administering a law covered by subsection (3); or

(ii) a matter covered by subsection (5);

(b) an individual who is:

(i) employed by such a Minister under Part III or IV of the Members of Parliament (Staff) Act 1984; or

(ii) engaged by such a Minister as a consultant under Part II of that Act;

(c) an officer or employee of a Department of State, or of an authority or agency of the Commonwealth, administered by such a Minister.

Relevant laws

(3) This subsection covers the following laws:

(a) the Airports Act 1996;

(b) the Australian Crime Commission Act 2002;

(c) the Australian Prudential Regulation Authority Act 1998;

(d) the Australian Securities and Investments Commission Act 2001;

(e) the Australian Security Intelligence Organisation Act 1979;

(f) the Australia's Foreign Relations (State and Territory Arrangements) Act 2020;

(g) the Banking Act 1959;

(h) the Competition and Consumer Act 2010;

(i) the Corporations Act 2001;

(j) the Defence Act 1903;

(k) the Financial Sector (Shareholdings) Act 1998;

(l) the Industry Research and Development Act 1986;

(m) the Inspector-General of Intelligence and Security Act 1986;

(n) the Insurance Acquisitions and Takeovers Act 1991;

(o) the Intelligence Services Act 2001;

(p) the Migration Act 1958;

(q) the Northern Australia Infrastructure Facility Act 2016;

(r) the Proceeds of Crime Act 2002;

(s) the Qantas Sale Act 1992;

(t) the Security of Critical Infrastructure Act 2018;

(u) a taxation law (within the meaning of section 995-1 of the Income Tax Assessment Act 1997);

(v) the Telstra Corporation Act 1991;

(w) any law determined by the Treasurer under subsection (4).

(4) The Treasurer may, by legislative instrument, determine laws for the purposes of paragraph (3)(w).

Relevant matters

(5) This subsection covers the following matters:

(a) agriculture;

(b) water;

(c) infrastructure;

(d) telecommunications;

(e) industry policy;

(f) investment promotion;

(g) taxation policy;

(h) foreign investment in Australia;

(i) defence;

(j) national security.