Australia to triple fees on foreign purchasers of existing homes

Australia will triple fees on purchases of existing homes by foreign buyers, Treasurer Jim Chalmers said on Sunday, as part of measures aimed at increasing the supply of affordable housing.
Chalmers said in a statement, “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, the centre-left Labor government would also cut application fees for foreign investment in “build to rent” projects to encourage construction of more homes.
The government in June pledged A$2 billion ($1.3 billion) to deliver thousands of new affordable homes nationwide, with the aim of boosting public housing supply for Australians on waiting lists.