Treasurer Jim Chalmers has announced changes to foreign investment fees to fund Labor’s housing policies, as the Albanese Government tackles Australia’s affordability crisis.
A foreign investor buying a $2 million residential property can expect to pay $26,400 in foreign investment fees as of Friday July 29.
Treasurer Jim Chalmers speaks in Brisbane on Friday following a meeting with state and territory treasurers. Photo by Dan Peled/Getty Images “That will help us pay for our foreign investment regime and also fund our housing affordability policies, particularly our Help to Buy policy.” The scheme sees the government own a stake of the home and will be available to Australians with an income of up to $90,000 for individuals or $120,000 for couples.
“This will make a very small difference to the cost of buying a property in Australia, but it will make a very big difference to Australians and to their budget.”
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Foreign investors slugged in first step towards Labor budget repairFees paid by foreign investors to buy property, farms and businesses will double as part of the federal government’s budget repair plan.
Read more »
'Unprecedented growth in house prices': OECD calls to cap tax breaks benefitting the richCapping tax breaks for housing could help reduce house prices and ensure that property is not concentrated in the hands of older and wealthier Australians, the OECD says.
Read more »
Foreign investors to pay extra $455m in feesJim Chalmers has moved quickly to double fees for foreign investors acquiring assets in Australia, but he insists offshore buyers remain welcome in Australia.
Read more »
Foreign investors to pay extra $455m in feesJim Chalmers has moved quickly to double fees for foreign investors acquiring assets in Australia, but he insists offshore buyers remain welcome in Australia.
Read more »
Andrews rejects calls for rorted money to be repaidDaniel Andrews has rejected calls for Labor to repay money rorted from the Victorian taxpayer following a corruption report which found some MPs misused public funds.
Read more »
Rival parties say Labor ‘deflecting’ from IBAC fallout with funding rule changeThe Coalition says ensnaring other parties in new laws is an attempt to “slide out of responsibility” and the Greens say the plan “may not be necessary for parties that already manage their internal affairs appropriately”.
Read more »