National security

Federal government proposal calls for 'last resort' powers to protect national security

Foreign investment is set for its biggest shakeup in a generation under a proposal that could put rail, energy and port assets out of bounds and give the federal government sweeping "last resort powers" to take direct control of businesses if national security is at risk.

In submissions to the federal government's US Department of Homeland Security style Critical Infrastructure Centre, state governments, the Law Council of Australia and Infrastructure Partnerships Australia have all criticised proposals that could discriminate against foreigners and undermine the responses of state-based emergency services.