Cracking Down on Dodgy Buyers? By James Reed
Well, it is a start, but late in the day to save a country already sold up.
“Australians are being urged to dob in rich foreigners illegally buying residential properties.
Treasurer Josh Frydenberg has announced a new 'Tip Off' campaign to crack down on non-citizens and non-residents from getting around foreign investment laws and snapping up houses, pricing out ordinary Australians from owning their own homes.
'While the majority of foreign investors act in good faith in complying with the law, Australians expect their government to maintain a high standard of enforcement in order to safeguard Australia’s national interest, businesses and the economy,' he said.
A new Australian Taxation Office hotline has been set up to report foreigners breaking the rules.
Under existing rules, foreigners who aren't citizens or residents of Australia are restricted to buying newly built properties, in most circumstances.
They aren't allowed to buy a substantially renovated home and need approval from the Foreign Investment Review Board for any real estate purchase including vacant residential land.”
What is needed is a complete ban upon foreign buyers as most Asian countries do. Try buying up China and see how far you get!