What the Board does
Treasury's page sets out three roles for the Board:
- to examine proposed investments in Australia that are subject to the Foreign Acquisitions and Takeovers Act 1975, and to make recommendations to the Treasurer and other Treasury portfolio ministers
- to advise the Treasurer on how the policy and the Act operate
- to promote understanding of the policy and the Act in Australia and overseas
Treasury's administration page describes the Board as considering some proposed investments that are subject to the framework, and advising the Treasurer about them. The wording is "some", so the Board is not described as seeing every application.
The Board currently has six members: a non-executive chair, four other non-executive members, and an executive member who is the First Assistant Secretary of Treasury's Foreign Investment Division. Their backgrounds are listed on the Board's page. On conflicts of interest, Treasury says members do not take part in discussions or decisions on applications where they hold a board role in any party to the transaction, and that they have no access to case-specific information where a potential conflict has been identified.
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Who decides
The Treasurer is the decision maker under the framework. Treasury's page says the Treasurer is responsible for foreign investment policy and for decisions on proposals, holds enforcement powers and delegates those to Treasury and ATO staff. The Assistant Minister for Competition, Charities and Treasury is delegated specific, high value decisions, and the Treasurer has delegated decisions on non-sensitive matters to Treasury and ATO officers.
The Treasurer's powers over a proposal are to decide not to object, to impose conditions, to prohibit a proposed investment, or to order the disposal of an interest already acquired. For most proposals the test is whether the investment is contrary to the national interest. Treasury's policy describes this as a negative test, where proposals are presumed to proceed unless found contrary to the national interest or national security.
How the pieces fit for a home buyer
| Body | Role in the framework | What it means for a residential buyer |
|---|---|---|
| The Treasurer | Decision maker, with powers under the Act | Holds the power behind a no objection notification |
| Foreign Investment Review Board | Non statutory, advisory only | Advises the Treasurer on policy and some proposals. It is not the office a buyer deals with |
| Treasury (Foreign Investment Division) | Advises on policy, administers the framework for entities, businesses, agricultural and commercial land, and supports the Board | Runs the Foreign Investment Portal for non-residential proposals |
| Australian Taxation Office | Reviews investment proposals for residential real estate, administers the vacancy fee and enforces compliance | Receives and assesses the residential application. Its Commissioner is also the Registrar of the Register of Foreign Ownership |
Treasury's policy document gives the same split: Treasury looks after the policy framework and day-to-day administration for business, agricultural land and commercial land proposals, and the ATO administers the framework for residential real estate. Treasury's About us page adds that the ATO works closely with Treasury and is a consultation partner under the framework.
The official pages do not say whether any particular residential application is referred to the Board, and a buyer has no separate step with the Board in either the ATO's application process or Treasury's. How the application works and the online systems explain the steps buyers do see.
What the Board does not do
- It does not decide. The Treasurer decides, and decisions on non-sensitive matters are delegated to Treasury and ATO officers.
- It does not take your application. For residential property that is the ATO, through Online services for foreign investors.
- It does not write the law or set fees. The Act and regulations are made by Parliament and the Government, and fees are set under the Fees Imposition Act and its regulations. See the laws.
- It does not give advice on individual cases. Treasury's disclaimer says its site and phone line are a general reference and that the Commonwealth is not providing professional advice.
- It has no role in state taxes. Stamp duty and land tax surcharges belong to state and territory revenue offices. See the surcharges.
Keep reading
- What is FIRB, and what does it mean if you want to buy a home in Australia?
- The FIRB Act and regulations: which laws apply to foreign home buyers?
- FIRB contact details: who to contact about a home purchase
- What are the FIRB approval requirements for buying a home?
- What does FIRB approval mean, and what does it cover?
- Which FIRB guidance notes matter if you are buying a home?
Frequently asked questions
Can I contact the Board directly?
Treasury's contact page directs residential questions to the ATO on 1800 050 377, or +61 2 6216 1111 from overseas. Treasury's own email and phone line are for pre-lodgement enquiries on the proposals Treasury handles, not residential ones. Treasury's website also lists a Singapore help desk, but Treasury says it does not assist with residential applications. The contact guide lists each path.
Does the Board decide whether my application is approved?
No. The Board advises and the Treasurer decides, with most day-to-day decisions delegated to Treasury and ATO officers. For a residential application, the ATO reviews the proposal and sends the no objection notification if approval is granted. Treasury's policy states that the overwhelming majority of proposed investments are approved, which describes the overall framework rather than any single application.
Who sits on the Board?
Treasury lists six members, with their backgrounds and start dates, on the Board's page. The Chair has held the role since April 2022. One member, the executive member, is a Treasury official. The others are non-executive members drawn from business and public service backgrounds.
Does the Board set the foreign investment rules?
It advises on them. Treasury says one of its roles is to advise the Treasurer on the operation of the policy and the Act. The rules themselves are in the Act, the Regulation and the fees laws, and the Government publishes the policy that explains how it applies them. The most recent policy document is dated May 2026.
Sources
- Foreign Investment Review Board, Treasury
- About us: administration of the framework, Treasury
- Australia's foreign investment framework, Treasury
- Australia's Foreign Investment Policy, May 2026, Treasury
- Guidance Note 2: Key concepts, version 5, Treasury
- Contact us, Treasury
- Singapore help desk, Treasury
Checked 5 October 2026.
firbapproval.com.au is an independent guide. It is not affiliated with, endorsed by or connected to the Foreign Investment Review Board, the Australian Treasury or the Australian Taxation Office. We do not lodge or process applications. Applications are made to the ATO. General information only, not legal, tax, migration or financial advice.