Treasurer Jim Chalmers will make it easier for trusted foreign entities to invest in Australia as he all but confirms he will block the takeover of a pharmaceutical company by a US company deemed not in the national interest.

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The government says the next stage of reforms to the nation's foreign investment review scheme will strengthen and accelerate the process as it seeks to increase overseas capital flowing into Australia from friendly countries and boost scrutiny of riskier investors.

Dr Chalmers unveiled a proposal for low-risk investments to gain access to an automatic approvals process at a speech in Sydney on Friday.

The government h

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