Australia will triple fees on purchases of existing homes by foreign buyers, Treasurer Jim Chalmers said on December 10, as part of measures aimed at increasing the supply of affordable housing.
Higher fees for the purchase of established homes, increased penalties for those that leave properties vacant, and strengthened compliance activity will help ensure foreign investment in residential property is in our national interest.
The centre-left Labor government would also cut application fees for foreign investment in "build to rent" projects to encourage construction of more homes.
The government in June pledged A$2 billion ($1.3 billion) to deliver thousands of new affordable homes nationwide, with the aim of boosting public housing supply for Australians on waiting lists.
The changes announced on December 10 will generate around A$500 million ($300 million), which the government could invest in priority areas like housing, Chalmers told according to a transcript.
These adjustments are all about making sure foreign investment aligns with the Government’s agenda to lift the nation’s supply of affordable housing.
