The government says less than 1% of houses are bought by foreigners. I don’t believe them. State governments say it’s at least double that, real estate agents say it’s 10%!
I have been asking for detailed data on how they get to that number for 9 months now without answers.
The government is hiding the true extent of foreign ownership from Australians while we’re in the middle of a housing crisis.
Transcript
Senator ROBERTS: My question is to the Minister representing the Treasurer, Senator Gallagher. Overwhelmingly, Australians don’t believe foreigners should be allowed to own residential property in our country. I first asked at Senate estimates in November last year how many potential foreign buyers the ATO is detecting through its data-matching program? The government failed to answer. In February, Senator Bragg asked and was given no answer. In June estimates, I asked again and did not get an answer. Answers to my questions on notice for how many potential foreign buyers are detected are now overdue, again. Minister, why is your government hiding from the Australian people the data on potential foreign buyers of residential property? And when will you actually answer the question I’ve been asking for nine months?
Senator GALLAGHER: I recall you asking these questions, Senator Roberts, and I understood they were answered at the time by officials when I was sitting at the desk. If there have been follow-up questions you have asked notice that have not been answered, I can certainly follow that up. I think the evidence we gave during Senate estimates was that foreign investment plays an important role in bolstering Australia’s housing stock and creating additional jobs in the construction industry. But it is monitored very closely for good reason. It is tightly regulated, with foreign persons generally requiring foreign investment approval before acquiring an interest in residential land, regardless of its value, with a few exceptions. Foreign investors make up a very small proportion of the total Australian residential property market, accounting for approximately 0.93 per cent of new and established dwelling purchase transactions in 2022-23. Out of 479,257 transactions, based on ATO data from 2022-23 only 4,463 transactions were by foreign investors. It is a very small component—less than one per cent—of new and established dwelling purchase transactions in the 2022-23 financial year. I think senators have raised this through estimates as something they are interested in—raising concerns about foreign investors squeezing out local residents from being able to purchase housing. But the evidence would show that it’s a very small component of the residential property market in the transactions that are being monitored, as was explained in estimates by the ATO. (Time expired)
The PRESIDENT: Senator Roberts, first supplementary?
Senator ROBERTS: The New South Wales state government reported more than twice the number of overseas purchases of property that the Foreign Investment Review Board recorded in 2021. The board claims foreigners buy less than one per cent of residential property—and you just confirmed that. Yet in the first quarter NAB property survey, real estate agents say they’re selling 10 per cent of Australian housing to foreigners. Minister, if you have confidence in the Foreign Investment Review Board, why won’t you hand over the data?
Senator GALLAGHER: Again, I’m not sure which part of the data hasn’t been answered. I was sitting at estimates when you were given figures, Senator Roberts, so I’m not sure which data is the data you’re seeking. The ATO data I just read out—and I can provide this in writing to you—shows that it is 0.93 per cent for the 2022-23 financial year, and that it has come down, as I understand it, from a peak in 2015-16. The ATO do residential real estate compliance investigations—so they follow this up and check that people are compliant with the requirements of foreign ownership of residential property. They identified 428 properties for compliance, they did 410 investigations and found 145 properties in breach, and 55 of those resulted in— (Time expired)
The PRESIDENT: Senator Roberts, second supplementary?
Senator ROBERTS: Minister, you want foreign investment, yet foreign ownership is against Australians’ interests. Minister, this country is in a housing crisis. When will you ban foreign ownership of residential real estate and put Australians in Australian houses first?
Senator GALLAGHER: We’re not going to do that, Senator Roberts. The numbers show we need good strong rules around it, and there are strong rules around it. We need compliance with those rules, and there are good compliance processes. It’s less than one per cent, and this country has benefited from foreign investment. We benefit in terms of our economy and in terms of jobs—
Senator Whish-Wilson interjecting—
The PRESIDENT: Senator Whish-Wilson, order! Please continue, Minister.
Senator GALLAGHER: So it isn’t something we are seeking to ban. It would help if some of our housing programs, which are currently stalled in the Senate, were given approval by the Senate because then we could build more supply, which is the actual issue. I know there wants to be a lot of distractions about who’s to blame, and it’s easy to blame foreign ownership. The statistics don’t support that. I say to the Senate that there are a couple of bills that are stuck in this chamber that would help people into home-ownership and help increase the supply of housing in this country, and I say: let’s get on with that job
Questions on notice from 17 June 2024. Still unanswered and overdue as of 21 August 2024
Absolute stupidity…foreigners but our land, houses, factories, companies, and they are making Australia a whore of the world. Once they tire of us and we have nothing left to offer, they will pizz us off.
You would think they would learn, any foreign ownership then employs workers of the same nationality.
We are going like the USA – totally screwed Come to my place and I will show you what a descendent of a war hero will do and there are more of my family line still in service too.
Sick of the idiots in Govt. What they are doing in a lot of ways IS illegal. Why give away OUR money to other countries when they do not support us if we were at war????
Why is that Govt decides what the people should be doing? Run the country NOT the people and mind your own fk’n business.
Why are we kiss assing the USA and that includes WEF, WHO, CDC, etc. Our Govt signed a pact with USA to control the people with Finances, FALSE Pandemics (strange that NO cases are found outside of Africa) and thats a damn FACT!
Fear is what they are doing to control the sheeples, but I will NOT budge they can SMD.
My kind of lady. Speaks the truth. Australia for Australians. Make it harder to become an Australian Citizen.
They introduce things slowly saying it’s easier, (exactly what Hitler did) They say you have have more control over your personal information (ID system). In fact your giving your information away to the banks, medicare etc. There are those, who are many, who follow ignorant of the big picture. Our identity is one flag, our freedom, for Australians.
So, Mark Twain quote “there are liars, damned liars, and statistics”. Documented evidence is all that stacks up. No amount of stats will convince Australians when we on the ground all know of property owned by foreigners. Most politicians don’t live in the real world and seem to regard the public as being easily convinced by rhetoric.
Stopping immigration would be a great start.
Do Labor pay to keep migrants in hotels as they do in the UK? I’ve no idea but Labor let Gazan “tourists” that voted for Hamas to apply for citizenship.
They simply can’t be trusted to work for Australia, their woke ideology comes first, then action for their union supporters, then Australians a distant 3rd.
Good luck draining the swamp, I’m voting orange.
Lies, damned lies and statistics as quoted by Mark Twain! The sooner these deceitful, wokey, lying, incompetent bastards are ousted from their self serving positions as leaders of our government along with their appointed bureaucrats, the sooner we can remedy the totally unacceptable state of affairs that Australia has been put in. For heaven’s sake with the richness of what we have to offer in natural resources, primary production, industry, technology and real scientific work not funded by “Big Pharma or Big Corporate Bodies such as Black Rock” for their misbegotten financial gain, this country would be a world leader and benefactor but it has been emasculated by a puppet governance to the ideals of a one world government for decades no matter what coloured tie they stand behind red, blue or green. Enough is enough! With the exception of a handful of real statesmen and women such as yourself, who take the fight to most often empty chambers, they need to be brought to face the consequences of their hopeless deceit of the Australian people who elected them in good faith. Thank you Malcolm and also the above mentioned handful of your colleagues for continuing the relentless efforts in exposing their incompetence and deceit.
There should not, in my opinion, be a single residential property sold to a foreigner while there is a single Australian with nowhere to live.
There’s a trend that has been initiated by Albanarsewipese and that is to simply stonewall questions during parliament when he deems fit to . This lying piece of shit needs a good kick up the backside out of politics . The whole Labor party needs to be sacked and disbanded from the whole political arena .
I want to see more of “ One Nation “ on tv ( sky news ) sen Roberts does the hard yards in the rural areas but national coverage will get the word out .
the housing crisis has got out of control, because of greed
Labor party has and will always be a goffer party, they have no business ethics, , knowledge ,, they are excellent at causing huge deficit
and have no qualms in keeping, it down, so they leave it for the next party to clean, up, while the next party is improving, the labor party hate, and gang up to discredit the good they do! with the help of the media, who supports the labor and greens lies, the labor party is only put there to be a goffer like the democraties to run our nations down, so that CCP can push through the BRI which is how they will control the world, particularly America, they have the economy, and leaders like Albanese , wokes same sex should not be in government, their intention is evil, particularly to children, protect our children, what a sham! the labor government is not doing what is right for the people, the media will support the labor party with all their lies, they are owned by CCP,, the problem is the voters, they don’t care about voting, they think every political party is the same,, not! alot of people vote stupidly, they are the ones who complain, we have elections coming In October,, to be blessed, VOTE. against the party who supports ABORTION!!! God made babies as a gift, not to be killed, or left to die, after abortion, is there a political party against , gay marriage!! God made one man one woman not two man or two woman that’s tampering with his creation Vaping , stop killing our children who don’t know what they are doing,, God is not !! a religion , but those of you who have not! got right with God, make your choice, his son Jesus suffered for the whole world made a way for eternal life, Jesus is coming soon, to take his elect, the one world government is in place ready! it is darkness and evil, Is there a political party who will stop foreigners e.g CCP from buying up prime real estate, prime farms, houses, Land, etc, It is the Real Estate who are inviting foreigners to buy our real estate,, and government not ! doing anything about it, which has gone through the roof, ordinary people can not afford, a political party who will not let CCP bully, or let them take our rich resources and sell it back to us, the labor government is allowing Islamic to come here and demonstrate their hatred, It is not!!!! Israel that is killing the people in Gaza, it i is. Hamas, the people of Gaza want Israel to help them, Hamas is killing them and blaming Israel because the media have a hatred to Israel make Israel look bad! Any nation that bless Israel will be blessed, any nation that curse Israel will be cursed
Wake up Australia
We should not be allowing foreigners to have any ownership of homes, farms, companies etc. If we go to other countries especially asia you are not even allowed to hire a car or bike for a holiday. What is this government doing! STOP FOREIGN INVESTMENTS PLEASE, PLEASE, PLEASE!
Yes, Australian houses for Australians.
NAB Residential Property Survey Q2 2024 is out.
8.9% of new housing Australia wide was bought by foreign residents in Q1 ( as high as 15.0% in NSW ! )
3.7% of established housing Australia wide was bought foreign residents in Q1.
Much higher than the less than 1% quoted by the “LYING” Albanese ministers.
The Albanese government are untrustworthy .