Australia news live: PM says he shouldn’t have gone on Bush Deep podcast; home sales to overseas buyers plunge
Summary
Australia has seen a big drop in property sales to foreign buyers after the government extended a ban on overseas people buying existing homes until June 2029. Despite this, foreign investments overall grew because most new investments were in commercial property, and new tax laws now require foreign residents to pay a 30% capital gains tax.Key Facts
- Approvals for foreign investment in Australian property fell by more than 22% to 5,284 in 2024/25.
- The drop was mostly in residential real estate, linked to a ban on foreign buyers extended until June 2029.
- The ban on foreign purchases will not fully take effect until April 2025, so the full impact is expected next year.
- Foreign investment value in Australia rose by 32% to $256.4 billion, mostly from commercial property investments.
- New laws require foreign residents to pay a 30% tax on profits from selling assets (capital gains).
- An exception extends a 15% capital gains tax discount by 10 years for foreign investors in Australian renewable energy projects.
- Treasurer Jim Chalmers said this tax break supports investment in the country’s shift to cleaner energy.
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