GOVERNMENT TIGHTENS FOREIGN INVESTMENT RULES FOR RESIDENTIAL HOUSING

The Assistant Treasurer, Senator Nick Sherry, has today announced a major tightening of the foreign investment rules as they relate to residential real estate and a package of tough new civil penalty, compliance, monitoring and enforcement measures.

“The Rudd Government is acting to make sure that investment in Australian real estate by temporary residents and foreign non-residents, is within the law, meets community expectations and doesn’t place pressure on housing availability for Australians,” said the Assistant Treasurer.

“The new provisions announced today will mean that anyone trying to flout Australia’s strict foreign investment rules will face tough new penalties that will be fully enforced.”

Australia’s foreign investment regime relies on a combination of legislation, primarily the Foreign Acquisitions and Takeovers Act 1975(FATA), its related regulations, the Foreign Acquisitions and Takeovers Regulations 1989 (Regulations) and an accompanying Government Policy (Policy). Each of these is administered by the Foreign Investment Review Board (FIRB).

Today’s announcement includes important amendments to each of the FATA, the Regulations and the Policy to ensure that foreign non-residents can only invest in Australian real estate if that investment adds to the housing stock, and that investments by temporary residents in established properties are only for their use whilst they live in Australia.

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