All proposed foreign investments into Australia will require approval, regardless of value or the nature of the foreign investor, the federal government has announced. 

As part of an attempt to limit the economic impact of COVID-19, Tresurer Josh Frydenberg has introduced temporary changes to the foreign investment review framework by which the monetary screening thresholds for all foreign investments under the Foreign Acquisitions and Takeovers Act 1975 would be reduced to zero.

Mr Frydenberg said the the temporary reduction was designed to provide "appropriate oversight" and was not intented to freeze foreign investment.

At a glance: 

• The federal government has announced changes to the foreign investment framework as part of its COVID-19 response.
• Treasurer Josh Frydenberg announced on Sunday night the monetary screening thresholds for all foreign investments under the Foreign Acquisitions and Takeovers Act 1975 would be reduced to zero.
• The Treasurer will continue to review foreign investment proposals against the national interest on a case-by-case basis.

"Australia is open for business and recognises investment at this time can be beneficial if in the national interest," he said.

"To ensure sufficient time for screening applications, the Foreign Investment Review Board (FIRB) will be working with existing and new applicants to extend timeframes for reviewing applications from 30 days to up to six months.

"In doing so, the government will prioritise urgent applications for investments that protect and support Australian business and Australian jobs.

"Even in these uncertain times, Australia continues to welcome foreign investment, which remains vital to our long-term economic success and stability.

Mr Frydenberg said while the government recognised that foreign investment would play an important part in helping many businesses get to the other side of the coronavirus crisis, the measures were necessary to safeguard the national interest as the outbreak put "intense pressure" on the economy .

"These are temporary measures that will remain in place for the duration of the current crisis," he said.

The Treasurer said he would  continue to review foreign investment proposals against the national interest on a case-by-case basis.

"Where appropriate, conditions will be applied proportionately to address identified risks on a non-discriminatory basis."

"The changes the Government is announcing today have the full support of the FIRB and its chairman, Mr David Irvine AO."

Click here for more announcements from the Treasury.

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