Australia will triple fees on purchases of existing homes by foreign buyers, Treasurer Jim Chalmers said yesterday, as part of measures aimed at increasing the supply of affordable housing.
“Higher fees for the purchase of established homes, increased penalties for those that leave properties vacant, and strengthened compliance activity will help ensure foreign investment in residential property is in our national interest,” Chalmers said in a statement.
The centre-left Labour government would also cut application fees for foreign investment in “build to rent” projects to encourage construction of more homes, Chalmers said.
The government in June pledged two billion Australian dollars ($1.3bn) to deliver thousands of new affordable homes nationwide, with the aim of boosting public housing supply for Australians on waiting lists.
The changes announced yesterday will generate around 500 million Australian dollars ($300m), which the government could invest in priority areas like housing, Chalmers told reporters in Brisbane.
The fee hike comes after Chalmers last year doubled the fees for foreign investors buying assets in the country.
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