Coalition to further tighten foreign investor rules

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By Leith van Onselen

As reported in The Australian this morning, the Abbott Government is set to further strengthen Australia’s foreign investment rules by banning sales to non-residents for the purchase and knock-down of an established dwelling, as well as extending penalties to migration agents marketing Australian temporary residency so that foreigners can buy established Australian homes:

Senior government sources say Treasurer Joe Hockey will no longer allow the Foreign Investment Review Board to approve applications by foreigners that ­involve knocking down an existing home because it has reached the end of its “economic life”.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.