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Australia's policy is to encourage foreign direct investment consistent with the needs of the Australian community, including the expansion of private investment, the development of internationally competitive and export-oriented industries and the creation of employment opportunities.
The Federal Treasury regulates foreign investment with the assistance of the Foreign Investment Review Board (FIRB). The Board screens investment proposals for conformity with Australian law and policy.
The Australian dollar is a fully convertible currency. The government does not maintain currency controls or limit remittance, loan and lease payments. Such payments are processed through standard commercial channels, without governmental interference or delay.
Property and contractual rights are enforced through the Australian court system, which is based on English Common Law. Australia has an established legal and court system for the conduct or supervision of litigation and arbitration, as well as alternate dispute processes. Australia is a world leader in the development and provision of non-court dispute resolution mechanisms.
Patents, trademarks, designs, copyrights and integrated circuit layout rights are protected by Australian law. IP Australia is the Federal Government agency responsible for registrations of patents, trademarks and designs. Australia is a member of the World Intellectual Property Organization, the Paris Convention for the Protection of Industrial Property, the Berne Convention for the Protection of Literary and Artistic Works, the Universal Copyright Convention, the Geneva Phonogram Convention, the Rome Convention for the Protection of Performers, Producers of Phonograms, and Broadcasting Organizations, and the Patent Cooperation Treaty.