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Global rules on foreign direct investment (FDI)
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
Australia | Publication | September 2023
On 20 September 2023, the Victorian Premier, Daniel Andrews announced major changes to the planning landscape, with the introduction of a new Housing Statement (“the decade ahead | 2024 – 2034”) (Housing Statement).
The ultimate vision of the Government is to build 800,000 homes in Victoria over the next decade, and as such, it has proposed critical changes to the planning framework as outlined in the Housing Statement.
The key matters to note for developers and government authorities from the Housing Statement are:
It is anticipated that the timeframes for approving permit applications (which are eligible under this pathway) will be reduced from 12 months or more to 4 months.
The Victorian Government has foreshadowed that it will review and rewrite the Planning and Environment Act 1987 (Act).
The extent of change is not clear, although, it is understood that amendments will likely be made in respect of timeframes for planning permit decisions as well as to roles and responsibilities of local Councils, the Minister for Planning, the Victorian Planning Authority and the Department of Transport and Planning in the planning permit process.
Amendment VC242 was gazetted on 20 September 2023, which relevantly inserts the following two particular provisions into all planning schemes in Victoria (amongst some other changes):
In summary, a planning permit application may fall within:
Of note, Category 1 under Table 1 of clause 53.23 will be satisfied if the estimated cost of development is $50 million (for development in metropolitan Melbourne) or $15 million (for development not in metropolitan Melbourne) and at least 10% of the total number of dwellings in the development is affordable housing (or alternatively this requirement can be met via an alternative mechanism for the provision of affordable housing under an agreement pursuant to section 173 of the Act).
The Minister for Planning will be the responsible authority for a permit application to which clauses 53.22 or 53.23 apply.
A copy of the amendment documents, including the subject particular provisions can be accessed via the following link: Link to Amendment VC242.
The advantages of a planning permit application falling within these particular provisions are:
Whilst the implementation of various initiatives under the Housing Statement have not been outlined in detail (i.e. what changes would be made to planning schemes or the Act), it is likely that significant amendments will be made in this respect.
We will keep you updated as further critical changes are made.
If you require assistance with permit applications or other planning advice in view of the Housing Statement and associated amendments to planning schemes or the Act, please contact our partners Tamara Brezzi (0412 120 165), Nick Sutton (0476 574 032) or Elisa de Wit (0402 893 804) in our Environment and Planning Team and we would be pleased to assist you.
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Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
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On February 2, 2024, the Belgian Presidency of the Council of the European Union confirmed that the Committee of Permanent Representatives had signed the Artificial Intelligence (AI) Regulation, referred to as the AI Act. Approval by the EU Parliament followed on 13 March 2024, and the AI Act is likely to appear in the EU’s Official Journal around May 2024. The AI Act aims to establish a stringent legal framework governing the development, marketing, and utilisation of artificial intelligence within the region, thereby marking a significant advancement in the regulation of this burgeoning domain.
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The private credit market and direct lending have grown and diversified immensely in the past decade, offering alternative sources and terms of debt compared to those historically provided by the syndicated leveraged loan and public issuance markets. Consequently, they are fast becoming pivotal components in the capital ecosystem, so much so that the Bank of England consider that the private credit market is currently responsible for approximately $1.8 trillion of debt issuance, which is four times its size in 2015. This growth has been particularly pronounced in Europe and the US but there has also been significant activity in Asia.
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