Penalties for foreign investors who leave homes vacant will face a sixfold increase, in a measure the federal government says will free up more housing stock.
Foreign investors who leave property they own vacant will be slugged with charges of upwards of $169,000 under a federal government plan to free up more housing stock.
But Nationals leader David Littleproud said he didn’t expect it to move the needle, because foreign investors were rich enough to afford the hiked fees.
Mr Littleproud said rules that require foreign buyers to hold at least temporary residency should be extended to either suspend foreign-owned purchases during the housing crisis, or ban them entirely.
Mr Chalmers said it was not clear how many were being left vacant, which was why the government would enhance compliance regimes within the tax office to ensure foreign investors were adhering to the rules.
“We are confident by increasing the fees in this way we will add to housing stock in this country, we’ll put more properties on the rental market, and that means more opportunities for more Australians to find an affordable home.”
Separately, as the treasurer prepares to release the mid-year budget update this week, Mr Chalmers has flagged gross debt has fallen in forecasts for the forward estimates.
The original article contains 509 words, the summary contains 185 words. Saved 64%. I’m a bot and I’m open source!
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Foreign investors who leave property they own vacant will be slugged with charges of upwards of $169,000 under a federal government plan to free up more housing stock.
But Nationals leader David Littleproud said he didn’t expect it to move the needle, because foreign investors were rich enough to afford the hiked fees.
Mr Littleproud said rules that require foreign buyers to hold at least temporary residency should be extended to either suspend foreign-owned purchases during the housing crisis, or ban them entirely.
Mr Chalmers said it was not clear how many were being left vacant, which was why the government would enhance compliance regimes within the tax office to ensure foreign investors were adhering to the rules.
“We are confident by increasing the fees in this way we will add to housing stock in this country, we’ll put more properties on the rental market, and that means more opportunities for more Australians to find an affordable home.”
Separately, as the treasurer prepares to release the mid-year budget update this week, Mr Chalmers has flagged gross debt has fallen in forecasts for the forward estimates.
The original article contains 509 words, the summary contains 185 words. Saved 64%. I’m a bot and I’m open source!