The federal government in Australia has recently announced a series of measures intended to address housing affordability, particularly for foreign investors. These new rules include a tripling of taxes for foreigners who purchase existing homes in Australia and a doubling of fees for those who leave these properties vacant. It is estimated that these changes will result in the government raising approximately half a billion dollars.
Treasurer Jim Chalmers highlighted that the goal of these measures is to incentivize foreign buyers to invest in new housing developments and to make their unused properties available to renters. By doing so, the government hopes to increase the availability of rental properties and improve housing stock. Chalmers shared these plans in an interview with Sky News, outlining the government’s efforts to encourage greater investment in housing and reduce the number of vacant properties.