A national security business is a business connected to a critical infrastructure asset, telecommunications, defence, or the national intelligence community of Australia or a foreign country, or their supply chains. Under Australia’s foreign investment framework, any acquisition of a 10% or greater direct interest in a national security business by a foreign person requires FIRB approval, regardless of transaction value.
Sellers in sectors that may fall within the national security business definition should assess this exposure early in the process, because the $0 monetary threshold means even small foreign acquirer transactions trigger mandatory FIRB review.