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Australia recorded a significant increase in foreign investment approvals during 2013-14. According to the Foreign Investment Review Board 2013-14 Annual Report, a total of 24,102 foreign investment proposals worth A$167.4 billion were received by the Foreign Investment Review Board (FIRB) during the year compared to 12,731 proposals worth

A$135.7 billion in the previous reporting period. Three investment proposals were rejected, of which two were residential real estate. These figures are a record of expected investment rather than actual investment, and only cover investments that are subject to FIRB approvals.

In announcing the Report, Treasurer Joe Hockey noted that foreign investment is critical to the Australian economy. He said he welcomed all foreign investment that is not contrary to Australia’s national interests. Approved (non-real estate) business investment was A$92.8 billion during 2013-14, an increase of 10.7 per cent, and approvals in the services sector (excluding tourism) more than doubled to A$53.4 billion.