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Australia to Add Foreign Ownership Fees to Curb Property Rise

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Foreign investors may have to pay large fees before buying Australian residential real estate or businesses, the government has announced.

PM Tony Abbott said the government was proposing a range of civil penalties and fees linked to foreign investment.

Property prices are a hot button issue in Australia, especially in Sydney, and there are claims foreign investment is artificially boosting house prices.

But Mr Abbott conceded there was not enough data on this issue.

He also ruled out reviewing Australia’s negative gearing rules, which some property analysts say also fuel property prices.

Negative gearing is when an investment generates a negative cashflow and allows the investor to claim tax deductions.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

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