Penalties for investors who break foreign investment laws for residential property will double from 1 January 2023.
Anybody who flouts the foreign investment rules should be penalised.
Cracking down on people doing the wrong thing is all about ensuring the housing market works as it’s supposed to for everyone else.
Labor promised this at the election in 2022 and now we are delivering in 2023.
This crackdown is expected to generate an additional $2.3 million in revenue for the Budget over the forward estimates.
Doubling penalties will make it less likely that foreigners break the rules, and enable stronger enforcement action if they do.
This legislation will encourage investors to do the right thing and will ensure that taxpayers are compensated when foreign investors are found to have broken the law.
This is part of the Albanese Labor Government’s plan to ensure that foreign investors comply with their legal obligations in Australia.
Australia continues to be an attractive place for investment and this will not change that.
We have a lot to offer global investors including strong institutions, transparent regulations and a highly‑skilled workforce.
We welcome foreign investment in Australia because it plays a crucial role in Australia’s economic success and will continue to be important into the future.
We will always put Australian interests first, and that means ensuring Australians benefit from foreign investment here.
Tackling housing affordability and helping more Australians into home ownership is a significant challenge and it’s one this Government takes seriously.
The Albanese Government has an ambitious housing reform agenda to address this challenge, and cracking down on those who break the foreign investment laws is part of our plan.
