Australia Tightens Rules for Foreign Investors as Pandemic Drags Down Economy

'We want to stop any predatory behaviour that is not in the national interest'

Australian Prime Minister Scott Morrison and Finance Minister Josh Frydenberg during Question Time in the House of Representatives in Canberra, Australia, on March 3, 2020. Tracey Nearmy/Getty Images

The Morrison government has granted the treasurer powers to block all foreign bids for Australian companies under tighter investment rules sparked by the Chinese Communist Party virus pandemic, also known as the coronavirus pandemic.

Treasurer Josh Frydenberg will be able to block any overseas takeovers after the threshold to intervene was temporarily slashed from A$1.2 billion to zero.