What you need to know Under Australia’s foreign investment regime, certain types of investments by foreign private investors or foreign government investors need to be notified to, and reviewed and a statement of no objection is issued by the Australian Treasurer (“Treasurer”). This process is referred to as “obtaining FIRB approval”. The Foreign Investment Review Board (“FIRB”) reviews foreign investment proposals on a case by -case basis and advises the Treasurer on the national interest implications of the proposed transaction. The decision to grant or refuse FIRB approval is made by the Treasurer.