Australia has received an overall score of 75 out of 100 in Transparency International’s annual corruption perceptions index, in line with the nation’s rating in 2023.
Australia ranks 14th in the list of 180 countries, which are rated on their perceived levels of public sector corruption.
Transparency International’s CEO Clancy Moore says “Australia can become a global leader in the fight against corruption”.
However, he says the nation must take more action on measures such as increased protection for whistleblowers and cracking down on money laundering.
“This means reducing the influence of big money in politics, delivering on whistleblower protections, and passing long-overdue legislation to crack down on foreign bribery and money laundering”, Moore said.
Australia’s Corruption Perception Index
In 2003, Australia agreed to implement extensive ‘Tranche 2’ global anti-money laundering (AML) laws for real estate gatekeepers, including accountants, lawyers, and real estate agents.
The federal government has repeatedly postponed the implementation of these rules in the face of considerable opposition from the industries that would be affected by the regulations.
This has left Australia with some of the weakest AML rules in the world pertaining to property and has cemented Australian homes as the ‘go to’ destination for dirty foreign money.
The Albanese government should end the 20-year stonewalling cycle and finally apply the Tranche 2 AML rules, as well as prohibit non-permanent residents from purchasing established properties.
Otherwise, locals will continue to be priced out of housing by foreigners, and Australian property will remain a global magnet and safe haven for laundered money.
