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Just in from ABC News 24, Prime Minister Tony Abbott and Treasurer Joe Hockey have held a joint press conference announcing that the Government will implement the parliamentary inquiry’s recommendations on foreign property investment.
Specifically, a $5,000 fee will be levied on all non-resident purchases of Australian property with the $200 million of funds raised to be used to bolster FIRB surveillance and enforcement of the rules, and to set up a central database of property ownership.
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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.
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