Australian water, energy to get safeguards

Legislation to curb risks posed by foreign ownership of Australia's water, energy, port and telecommunications assets has been introduced to parliament.

Draft laws to limit risks to Australia's water, energy, port and telecommunications assets from foreign powers have been introduced to parliament.

Legislation tabled in the Senate on Thursday will establish a register of assets and give the minister increased powers to step in when national security risks are identified.

"While recognising its many benefits, increasing foreign involvement in our national critical infrastructure means that Australia ... is more exposed than ever to sabotage, espionage and coercion," Finance Minister Mathias Cormann told parliament.