Key Points
In a move to address an escalating rental crisis, the Australian government has announced plans to significantly increase fees on foreign buyers of existing homes left vacant..
The government hopes the move will help ease the tight housing supply that has contributed to a surge in rental prices, which rose by 7.6% nationally in the year ending September 30, marking the steepest increase in 14 years...
Treasurer Jim Chalmers highlighted the urgency of the situation, saying, "There are too many properties empty around Australia, not enough homes available to Australians who desperately need them.".
To discourage foreign investment in existing homes, the government imposes a foreign investment fee, which varies based on the home price..
Treasurer Chalmers acknowledged that vacancy fees imposed on foreign owners of existing homes currently generate around Aus$5 million annually..
