From REIA : The Foreign Investment Review Board is a non-statutory body established in April 1976 to advise the Australian Government on foreign investment policy and its administration.
The Foreign Investment Review Board examines proposals by foreign interests to undertake direct investment in Australia, including real estate, and makes recommendations to Government on whether those proposals are suitable for approval under the Government’s policy.
The Real Estate Institute of Australia and the Foreign Investment Review Board have prepared a summary of Australia’s Foreign Investment Policy in relation to residential real estate.
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