By business reporters Michael Janda and Simon Frazer The Liberal chair of a parliamentary committee has flagged tougher enforcement of rules limiting foreign real estate investment, as the Treasurer welcomed overseas buyers of new dwellings. Kelly O'Dwyer says there has been a "failure of leadership" in the Foreign Investment Review Board that has allowed overseas buyers to skirt a prohibition on buying existing properties. At the same time, both she and the Treasurer Joe Hockey say foreign buyers have an important role to play in funding the development of new dwellings. Mr Hockey argues it is "lazy analysis" to say Australia has a housing bubble, as it is a lack of new home supply driving up prices. More » |
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