Australia to clamp down (further) on foreign investment

Australia is expected to clamp down even further on foreign investment, following recommendations from a parliamentary inquiry.

The group, which has been consulting with state goverments about introducing a national property owners register, is also considering raising penalties against foreigns who break the ownership rules, making them proportional to the value of the property purchased.

"The largest penalty fee that can be imposed is about $85,000. We have been told by many witnesses that that is simply seen as the cost of doing business," Coalition MP Kelly O'Dwyer told Fairfax Media.

Source: SMH