These are pretty sweeping changes, so why are they happening now? Joni says it's part practicality and part reaction to the world around us, where geopolitical risks seem to be on the up.

For the first change, that streamlined investment, I think the thing is to make Australia continue to be attractive for global capital.

It's competitive out there.

You know, there's lots of places where global capital, capital can go to.

Australia's a small country.

It's got a great history of attracting foreign investment, um, but it needs to continue to do so, and there's a real sense that the current regime is catching too much, and it's seen to be a bit of a tick-the-box exercise and imposing a lot of red tape where there's not a lot of risk.

So I think it's looking at proportionate risk-based regulation.

Joni outlines how that decision will be made and says the impact on each group will be significant.