The Australian government's foreign investment framework is overseen by the Treasurer, who makes decisions on investment proposals. The Foreign Investment Review Board, along with support from the Treasury and the Australian Taxation Office, assists in administering this framework. The Treasurer has enforcement powers and delegates certain decisions to designated personnel within Treasury and the ATO.

The Foreign Investment Review Board evaluates investment proposals and advises the Treasurer on them, while also promoting awareness of the foreign investment framework. The Treasury advises the government on foreign investment policy and administers regulatory functions for various types of investment proposals. The ATO focuses on residential real estate investment proposals, ensuring compliance with the framework.

Overall, these entities work together to manage Australia's foreign investment landscape, ensuring transparency, compliance, and the promotion of Australia's interests in the global market.