Labor pledges two-year ban on foreign housing investors, mirroring Coalition promise

The government’s pledge includes $5.7 million over four years for the Australian Taxation Office’s foreign investment compliance team to enforce the ban and enhance screening of foreign investment proposals.

In addition, $8.9 million over four years will be allocated to the tax office and Treasury to audit foreign investors acquiring vacant land.

The Coalition’s plan also does not prevent foreign investors buying into new apartment towers or housing projects, due to the role of offshore funding in encouraging construction.

Exclusive polling by this masthead revealed in January that 69 per cent of voters favoured the Coalition’s policy as a way to help local bidders get into the housing market.

Labor’s announcement contradicts criticism of Dutton’s policy when it was unveiled last year. At that time, Treasurer Jim Chalmers dismissed the plan as “not thought through”.

Chalmers also made changes in February last year to triple foreign investment fees for the purchase of established homes, and double the vacancy fees for dwellings left empty.

Speaking generally about the coming election on Saturday, Dutton told reporters in Ingham, in North Queensland, the Albanese government’s policies were fuelling a “mood for change”, maintaining his party was the underdog.

“It’s not just a cost-of-living crisis, it’s a housing crisis [that the government has] created by bringing too many people in and not building enough homes. That’s why people’s rates have gone up,” Dutton said.

“I do believe that we can win the next election, and we must – because the alternative is a Labor-Greens minority government, which will be a disaster.”

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