FIRB your enthusiasm

Jim Chalmers may not be winning friends in boardrooms, but the $30 billion Santos bid could be a chance to show he’s serious about foreign investment.

Anthony Galloway and Jennifer Duke 4:59pm on 16 June 2025

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Jim Chalmers has talked up Australia’s openness to foreign capital — now a $30 billion Santos bid will test whether he means it. Chris Helgren / Reuters.

Jim Chalmers is not exactly the darling of corporate Australia right now. But there are good reasons to believe the federal treasurer won’t stand in the way of a $30 billion bid for ASX-listed oil and gas major Santos, despite the political challenges it may entail.

Every treasurer faces a moment like this, and it’s not unheard of for one to go against the advice of the Foreign Investment Review Board (FIRB), which will make its own assessment of the merits of the deal.

Former treasurer Josh Frydenberg rejected a $13 billion bid from Hong Kong’s CK Group to buy APA Group and its energy network, as well as China State Construction Engineering Corporation’s $300 million acquisition of building contractor Probuild. He blocked both deals on “national interest” grounds.

Going back even further, Joe Hockey blocked a takeover of GrainCorp by American firm Archer Daniels Midland on what were considered relatively spurious grounds at the time. Wayne Swan famously rejected an attempt by Singapore’s stock exchange to ‘merge’ with the ASX.

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FIRB your enthusiasm

Jim Chalmers may not be winning friends in boardrooms, but the $30 billion Santos bid could be a chance to show he’s serious about foreign investment.

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