The Foreign Investment Review Board (FIRB) has repeatedly raised concerns about the ownership of Northern Minerals, the operator of the Browns Range heavy rare earths project in Western Australia's Tanami Desert.

FIRB has repeatedly flagged concerns about the company's ownership, in particular six investors which own a combined 17.6 per cent of Northern Minerals.

Treasurer Jim Chalmers cited national security concerns when he issued orders for the Chinese-linked shareholders to sell their stakes in the company.

Proposed Reforms

The Northern Minerals case is credited as an inspiration for the reforms. The Federal Government is expected to introduce changes to foreign investment laws later in 2026 or early in 2027, largely because the issue has highlighted that regulations are only as powerful as the Government's ability to enforce them.

There is no exposure draft legislation for the proposed reforms, which have been under consultation since October 2025, and the political environment since then has shifted substantially. For companies with more sensitive FIRB matters, that shift will matter more than the drafting.

What does this mean for Victoria ahead of the November 2026 State Election?

One Nation's nationalist tone and populist policies will constrain the Opposition's ability to take policy risks and campaign openly about attracting foreign investment. Its economic narrative is likely to focus on the Government's failings rather than expose itself to attack from its right.

Critical minerals have been actively promoted as a key economic sector by governments, Federal and State. It is one of the few policy areas where it is aligned with the business community.

To date, the Victorian Opposition has said little on minerals, with no mention in its 10-year economic plan released in May. That is not unusual, with more policy detail likely to be released closer to 28 November.

‍