Opposition’s Plan To Ban Foreign Investors In Australian Property Sparks Debate

In the ongoing debate surrounding Australia’s housing crisis, the opposition’s plan to prohibit foreign investors from buying existing properties has come under scrutiny. 

According to  Government Services Minister Bill Shorten, this proposed measure would have minimal impact on addressing the housing shortage.

Stay up-to-date on the latest news with The National Briefing – keeping you in the loop with news as it hits:

During the pre-election, Opposition Leader Peter Dutton pledged to reduce permanent migration by 25 per cent and impose a two-year ban on overseas investors buying existing homes. 

In his budget reply speech, Mr Dutton also hinted at reducing the number of international students, expressing concerns over excessive foreign enrollment.

However, Mr Shorten questioned the efficacy of banning foreign buyers.

He later revealed that fewer than 5000 overseas purchasers had bought homes in Australia over the past two years.

RELATED:   Amazon Tribe Addicted To Porn After Given Internet By Elon Musk

“These are legitimate issues that we’re talking about … both sides want to reduce the overall rate of immigration, both sides are arguing about how we do housing, but one of the measures which I think we do need to talk about is we need a skilled workforce,” he said. 

While Dutton defended the opposition’s stance, arguing that the policy would free up thousands of homes for Australian citizens.

He said the opposition planned to enforce a two-year prohibition on foreign investors and temporary residents buying existing properties in Australia.

Subscribe to The Briefing, Australia’s fastest-growing news podcast on LiSTNR today. The Briefing serves up the latest news and deep dives on topics affecting you, all in under 20 minutes.