Fresh from her role as chair of the parliamentary inquiry’s report into foreign investment in Australian real estate, which recommended a raft of sensible reforms to Australia’s foreign investment regime (summarised here), Liberal MP, Kelly O’Dwyer, has been promoted to Parliamentary Secretary to the Treasurer.
As often occurs following such parliamentary inquiries, the members involved in drafting the recommendations move one, and the inquiry drifts from view, consigned to the dustbin of history. Not so with Ms O’Dwyer, who has vowed to close the loopholes that have enabled unscrupulous foreigners from buying-up Australia’s established real estate. From The Australian:
Ms O’Dwyer, appointed parliamentary secretary to the Treasurer in the government reshuffle, hoped to be given responsibility for implementing her recommendations as chairwoman of a review into foreign investment in Australian housing…
“It is imperative the Australian people have strong confidence in Australia’s foreign investment framework,’’ Ms O’Dwyer said yesterday.
“It was clear changes needed to be made to the Foreign Investment Review Board and those loopholes needed to be closed’’…
Needless to say, I am growing more impressed by Ms O’Dwyer by the day. Rather than baulking at reform, she seems genuinely committed to adding much needed transparency and accountability to the foreign investment regime, and should help prevent foreign money from being laundered through Australian homes, lessening price pressures for first home buyers in the process.
