Details about the parliamentary inquiry’s report into foreign investment in Australian property, which is scheduled for release this Thursday, are becoming clearer, with information leaks pointing to the implementation of a new $1,500 application fee on foreign property purchases, as well as an overhaul of the existing monitoring and compliance regime.
As reported yesterday in the Daily Telegraph, the proposed new $1,500 application fee would raise some $600 million over the next decade, which would be used to beef-up monitoring and compliance activities by the Foreign Investment Review Board (FIRB).
