Ban on Foreign Buyers
What was the proposed Legislation?
Many Australians find home ownership increasingly unattainable, but the Prohibition on the Purchase of Residential Property by Foreign Entities Bill 2024 aimed to alleviate Australia's housing affordability crisis by imposing a two-year ban on non-Australian foreign entities buying residential property.
Independent member for Mayo, Rebekah Sharkie, seconded the Bill. We have a shared vision to help Australian home buyers, and especially first home buyers, to finally get a foot on the property ladder and their shot at the Great Aussie Dream.
In these difficult economic times we need to be putting the interests of Australians ahead of wealthy foreign property speculators.
My Bill aimed to:
Afford more people a shot of obtaining the Great Australian Dream of home ownership
The Prohibition on the Purchase of Residential Property by Foreign Entities Bill 2024 is focused on cutting through the challenges our first home buyers and young families encounter in entering the property market. It's about recognising the uphill battle faced by many Aussies, grappling with foreign investors for a foothold in the housing market. This bill is our way of evening the odds, granting more Aussies a fair shot at landing a home within their means. By temporarily halting foreign purchases, we're pushing for a more level playing field, giving our hardworking Aussies a fighting chance in this tough market.
Allow more first home buyers a chance to make it into the market
This Bill is squarely aimed at addressing the challenges confronting our first home buyers in accessing the property market. It recognizes the difficulties faced by countless Australians as they compete against foreign investors for housing opportunities. This legislation represents a crucial step towards creating a more equitable playing field, enabling our local residents to secure affordable housing.
Advocate for Australian Interests in the Real Estate Market
This proposed legislation is in line with what we've seen work in countries like Canada, New Zealand, and Singapore. They've taken similar steps to tackle housing affordability issues head-on. These nations understand the necessity of protecting their housing markets for their own people, especially with the growing housing shortages and skyrocketing property prices. By learning from their experiences, Australia is taking steps to put the interests of our citizens first and reduce the impact of foreign investment on the availability of housing for local buyers.
Major Parties Sit on their Hands
The National Party, the Liberal Party and the Labour Party all voted against this bill.
Despite all the talk from the major political parties about tackling housing affordability, their actions tell a different story. When presented with the opportunity to support the Bill and improve Australia’s housing affordability crisis, they chose to stay silent and sit on their hands.
It's time for actions to match the rhetoric.
For all their promises, they failed to back a solution that could make a real difference. This lack of support underscores the contradiction between their political grandstanding and genuine efforts to address Australia's housing affordability crisis.