Coalition mulls more wet lettuce rules for foreign buyers

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By Leith van Onselen

Scott Morrison’s most recent “crackdown” on illegal foreign buyers of Australian residential property revealed that “the ATO has issued 388 penalty notices to foreign nationals in breach of the rules, attracting penalties of more than $2 million”.

Thus, the average fine issued under this “crackdown” was just over $5,000, with the total in fines less than the cost of two median priced Sydney houses. In other words – chump change – and certainly no meaningful deterrent to illegally purchasing a home or assisting an illegal sale.

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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.