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'Land banking' by foreign investors targeted by Australian government

( February 18, 2025, 02:53 GMT | Official Statement) -- MLex Summary: The Australian government is set to crack down on land banking by foreign investors to free up land to tackle the ongoing housing crisis in the country, a top minister has said. In a joint statement, Australian Treasurer Jim Chalmers and Minister for Housing Clare O’Neil said that foreign investors are subject to development conditions when they acquire vacant land in Australia to ensure its productive use within reasonable timeframes. It added that the government is focused on making sure these rules are complied with while identifying any investors who are acquiring vacant land and “not developing it while prices rise and then selling it for a profit.” The government also announced the ban on foreign purchases of established dwellings from April 1, 2025, until March 31, 2027, unless an exception applies.The full joint statement by Australian Treasurer Jim Chalmers and Minister for Housing, Clare O’Neil follows:Albanese Government clamping down on foreign purchase of established homes and land banking...

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