The Albanese Labor Government will ban foreign investors from buying established homes for at least two years and crack down on foreign land banking, says local federal Labor MP, Justine Elliot.
The policy originated within the Liberal party.
Mrs Elliot said, ‘The Albanese Labor Government is banning foreign purchases of established dwellings from April 1 until March 31, 2027. A review will be undertaken to determine whether it should be extended beyond this point.
The ban will mean Australians will be able to buy homes that would have otherwise been bought by foreign investors.
‘Alongside the ban on foreign purchases of established dwellings, Labor will tackle land banking by foreign investors’.
‘The ban on foreign purchases of established dwellings, strengthened compliance activity by the ATO to enforce the ban, and an enhanced compliance approach by both the ATO and Treasury to discourage land banking by foreign investors will help ensure that foreign investment in housing is in our national interest’.
Other countries, notably third-world countries, do not allow complete foreign ownership of their land, but offer 100 year leases.
The Echo asked Mrs Elliot’s office why this policy took so long to be implemented – a reply will be published if received.
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