The International and Foreign Investment Group is still trying to tell us that foreign ownership of Australian housing is less than 1%. They’re sticking to a figure of 0.8% and say they have “full confidence” in it.
I asked them a simple question: Does any real estate agent or any Australian actually believe that?
The truth is, they’ve never conducted market research to see if the public trusts their data. They track the “flow” of new sales while ignoring the massive amount of housing already in foreign hands.
Australians are being priced out of the housing market, while bureaucrats ignore what’s really happening in our suburbs and rely on data that just doesn’t pass the pub test.
I will continue to question these figures until we get answers that reflect reality.
— Senate Estimates | December 2025
Transcript
Senator ROBERTS: Could I have the International and Foreign Investment Group, please. Do you still maintain the view that, in Australia, foreign ownership of housing is less than one per cent of the housing market?
Ms Di Marco: I’ll hand most of these questions to Mr Tinning and Ms Sloan, who I think have the statistics in front of them and can speak to any policies of the government. But I just want to caution at the beginning of the session that, if we start to get into questions of application of residential real estate, many of them may need to be taken on notice because that is the remit of the Australian Taxation Office. But I’ll hand over to Mr Tinning.
Senator ROBERTS: The chair will be happy with that.
CHAIR: I will be.
Mr Tinning: We don’t have figures for the total stock of housing, but we do have annual figures for purchases.
Senator ROBERTS: Do you still believe that they’re under one per cent?
Mr Tinning: We have figures for 2023-24, with the latest available figure being purchases at 0.8 per cent, so that is under one per cent.
Senator ROBERTS: You do. Do you honestly believe that any real estate agent in Australia accepts the claim that foreign ownership is less than one per cent of the housing market?
Mr Tinning: These figures are from the ATO, and we have very strong faith in their ability to accurately monitor these figures. They have very strong systems, so we are confident in those figures.
Senator ROBERTS: Yes, I’ve been on that merry-go-round, and I used to ask you questions. You told me to go to the ATO, so I went to the ATO. Do you honestly think any Australian believes that foreign ownership is less than one per cent?
Mr Tinning: I can’t comment on the views of the Australian populace, but we are very confident in those figures.
Senator ROBERTS: I’m asking you for your views.
Mr Tinning: My views are that those figures from the ATO are accurate.
Ms Di Marco: I’m not sure that it’s for Mr Tinning to provide views on whether he thinks those figures are accurate; however, we do have those figures from the ATO. Also, just to reiterate his earlier point, the figures that we have from the ATO are about the flow, the investment number that’s been made as a proportion over the year and not the total ownership of foreign investment.
Senator ROBERTS: I’m concerned about both, but I understand that. He made that very clear. Have you ever conducted any market research or surveys around public confidence in your figures?
Ms Di Marco: No, we haven’t.
Senator ROBERTS: Why not?
Ms Di Marco: In April or May 2025, the government made a range of announcements regarding strengthening controls around foreign investment in residential real estate. But I would argue that it’s not really for us to go out there and conduct market research on these sorts of matters. The government has made a range of policy decisions, and we’re looking to implement those as quickly as possible.
Senator ROBERTS: Lastly, how many forms have been lodged since the vacancy fee returns foreign owners have come into effect?
Ms Di Marco: I think we’d have to take that on notice. The ATO would hold those details.
Senator ROBERTS: That’s understandable. Could we have them on a yearly basis, please?
Hundreds of thousands of Aussies are homeless. Rents have skyrocketed — up 44% in just five years, adding over $10,000 a year to the average rental bill. House prices are surging as well, pricing homes out of reach of young Australians, who now need an annual salary of $220,000 to afford a home.
The Government lies and claims that this is about supply, yet Australia is building more homes per capita than any other country in the world. The real issue is demand. Right now, there are 4.7 million non-citizen visa holders in Australia. Is mum and dad with one investment property causing this crisis? Of course not. Mass migration is outstripping supply, and big business is profiting — the Big Four banks made $30 billion in profit last year. Every new mortgage adds $750 a month to their profit, or about $200,000 over the life of a loan.
Foreign corporate landlords are another threat. Backed by giants like BlackRock and Vanguard, they’re gouging rents and siphoning profits overseas – after using every tax trick in the book to avoid paying tax. Labor and the Greens even gave these corporations a 15% tax cut. One Nation opposed it because we stand for Australians, not foreign investors.
That’s why One Nation has the most comprehensive housing plan of any party: end mass migration, ban foreign ownership permanently, introduce 30-year fixed-rate people’s mortgages, allow super to help with deposits, cut GST on building materials, overhaul costly building code changes and limit negative gearing to a maximum of two properties.
One Nation will make housing affordable again and protect Australians from predatory practices. Only One Nation has a real plan to fix this crisis.
Transcript
Australia has hundreds of thousands of people who are homeless. Rents are skyrocketing. They are up by 44 per cent in just the last five years. That’s $10,500 a year on top of the average rental bill. House prices in the capital of Queensland increased 1.8 per cent in just one month—a 22 per cent annual pace. Australians have been lied to and told this is only about supply. They can get away with this because no-one tells Australia how bad demand is. With 1.8 million permanent visa holders and 2.9 million temporary visa holders, we currently have 4.7 million non-citizen visa holders in this country. Is mum and dad having one investment property really causing the housing crisis? Come on. Or is having 4.7 million visa holders in the country outstripping supply? Running this program of mass migration is incredibly profitable for big business, especially our big four banks. This week, one of those banks, Westpac, posted a $7 billion profit.
There are some abusers of negative gearing. It could do with some tweaking. On the whole, however, it’s a minor impact in the scheme of supply and demand. There’s a far bigger problem than mum-and-dad landlords with one house negatively geared. There’s a growing and worrying acceptance of foreign, corporate landlords in Australia. These predatory multinational corporations are backed by investment firms like BlackRock, Vanguard, State Street and First State. They only have one goal, which is to extract as much money as possible from the Australian population through gouged rents and siphon those profits out of the country tax free.
Last year, the Greens joined with the Labor government to give these foreign, corporate landlords a 15 per cent tax cut on the profits they’re sending overseas with the build to rent act. One Nation stood strong on principle and opposed handing foreign corporations a 15 per cent tax break. We couldn’t believe it. The fact is, Australia is still in a full-blown housing crisis. It’s an assault from all sides on nearly every aspect of supply and demand. One Nation took to the election the most comprehensive policy to fix the housing crisis of any party. Many Australians agreed, which is part of the reason why we doubled our number of senators.
Here’s our comprehensive plan on housing. End the mass migration program, which places huge strain on housing while only 0.6 per cent of migrants are building workers. We will establish people’s mortgages—30-year, fixed interest rate mortgages issued by the government, similar to government bonds and replacing the government’s Housing Australia Future Fund. We will allow people with HECS debts to roll their debts into their people’s mortgage, allowing them to get into a home loan that the banks would never give them, at a cheaper rate. We will ban foreign purchases and foreign ownership of Australian housing and farmland. The Liberals and Labor have talked about a two-year pause on foreign buyers of new houses. Come on; be fair dinkum! One Nation will extend that to new and existing houses, making the ban permanent while forcing current foreign owners to sell to an Australian within two years. We will implement a GST moratorium on building materials, cutting 10 per cent off the materials cost of building a home. We will conduct a root-and-branch gutting of the National Construction Code, especially changes that force every single new home to be completely NDIS wheelchair compliant, adding an estimated $50,000 to the cost of building each home. We will allow a person’s superannuation account to invest in their home, closing the deposit gap while protecting their superannuation. We will boost the Australian timber industry to make housing materials as cheap as possible. And we will deport—remigrate—200,000 people.
One Nation’s comprehensive plan takes care of all aspects of supply, demand, financing and cost. Only One Nation has a comprehensive housing plan.
https://img.youtube.com/vi/UO0STeRf1zI/maxresdefault.jpg7201280Senator Malcolm Robertshttps://www.malcolmrobertsqld.com.au/wp-content/uploads/2020/04/One-Nation-Logo1-300x150.pngSenator Malcolm Roberts2025-11-20 16:51:142025-11-20 16:51:18Affordable Homes for Australians, Not Foreign Corporations
A good idea has many parents—just look at the push to suspend costly National Construction Code changes. One Nation proposed it first, saving $50K per home. Now the Liberals and Labor are claiming credit.
Yet the real crisis is homelessness, driven by mass immigration policies started by the Liberals and turbocharged by Labor—over 500,000 arrivals a year while Aussies sleep in cars.
Only One Nation has a comprehensive housing policy. We would cut demand by stopping illegal immigration and visa abuse, ban foreign home ownership, slash construction costs by ending net zero and overregulation. On the finance side, One Nation would roll HECS debt into home loans and allow super to fund deposits.
It’s time to put Australians first.
Transcript
A good idea or a popular idea has many parents. A bad idea or an unpopular idea is an orphan. Well, look at this! One Nation came up with the idea of holding the National Construction Code changes—stopping them, suspending them—to save $50,000 per house in construction costs. That was One Nation, before the election! Now we see Senator Bragg taking ownership of it for the Liberal Party. Then we see the Labor Party coming up with the idea at the roundtable. Where did it come from? One Nation. We have a homelessness crisis in this country. Every major provincial city in Queensland has homeless people sleeping in cars. Working mums and dads are sleeping in their cars. They come home to see if their kids are still there. Why? Because the Liberal Party started mass catastrophic immigration under John Howard, and the Labor Party has turbocharged it now with over 500,000 new immigrants per year.
That’s what’s driving the homelessness crisis. And only One Nation has a comprehensive policy for housing—working on the demand side, working on the supply side, working on the cost side and working on the finance side to reduce demand. To stop immigration, we would deport immediately 75,000 people who were here illegally and deport students who were not in compliance with their visas. On the supply side, we would stop foreign ownership of houses in this country—just stop them! We’d give them two or three years to sell and get out. Free them up. Many of those homes are locked. On the cost side, we would reduce regulations, stop the National Construction Code changes, and end net zero to reduce the price of energy. On the finance side, we would roll HECS debts into home loans and allow access to super accounts to get a deposit. Why can’t your super account invest in your own home when it can invest in other people’s homes? This is bloody ridiculous!
https://img.youtube.com/vi/ZfR0Bo7i2yE/sddefault.jpg480640Senator Malcolm Robertshttps://www.malcolmrobertsqld.com.au/wp-content/uploads/2020/04/One-Nation-Logo1-300x150.pngSenator Malcolm Roberts2025-11-13 14:59:562025-11-13 15:00:05Your First Home Shouldn’t Be a Dream
Labor’s decision to slash the withholding tax for foreign corporate landlords from 30% to just 15% is a slap in the face to everyday Australians. While families struggle to buy a home, Labor is rolling out the red carpet for global giants like BlackRock, Vanguard, and State Street—offering them tax breaks to build rental stack-and-pack apartments that Australians will never own.
Let’s call it what it is: build-to-rent is build-to-never-own. It’s designed to lock Australians into a lifetime of renting from foreign billionaires, while those same corporations pay less tax than the hardworking people they’re renting to.
One Nation has been warning about this for years. We believe in the Australian dream—owning your own home, not renting it forever from a global landlord.
We stand with Australians, not greedy foreign corporations and parasitic predators driving the World Economic Forum and the United Nations agenda.
Transcript
Senator Bragg’s disallowance seeks to throw a spanner in the works of the build-to-rent scheme. That’s a very good thing and One Nation will be wholeheartedly supporting it. Foreign corporations used to pay a 30 per cent withholding tax on housing investments like build to rent. Labor cut that in half, to 15 per cent.
Let’s be clear: this Labor government said to foreign, corporate landlords like BlackRock, State Street, Vanguard and first state, ‘We’ll cut the amount of tax you pay in half.’
Forget the Australian dream of owning your own home. Labor’s dream is that you live in a stack-and-pack shoebox apartment paying rent to BlackRock forever, while those foreign corporations pay less tax than you do. That’s what build to rent means.
Whenever you hear ‘build-to-rent’, remember ‘renting forever to a foreign corporation, a foreign corporate landlord and a foreign global wealth investment fund’. They’ll build homes, for sure, and Australians will never, ever own them—never. It’s built to rent forever. I’ll quote from the Economics Legislation Committee report into the Treasury Laws Amendment (Build to Rent) Bill 2024 and the provisions of the Capital Works (Build to Rent Misuse Tax) Bill 2024. The provisions of the bills include ‘reducing the final withholding tax rate on eligible fund payments—distributions of rental income and capital gains—from eligible managed investment trust investments from 30 per cent to 15 per cent, starting from 1 July 2024’. So there you go—a tax cut in half for those global, corporate, predatory investors, who own almost everything and are determined to own everything. I’ll say that again: they own almost everything and are determined to own everything.
The report states:
The draft legislation was adjusted as a result of this consultation to ensure the government’s policy objective of incentivising foreign investment in BTR—
Build-to-rent—
including affordable housing supply, is achieved.
They are admitting that the objective of the bills is incentivising foreign and predatory corporations into owning your home. The report also states:
The Property Council advised the 15 per cent tax rate for investment in housing is already available to Australian investors. The MIT—
managed investment trust—
withholding tax rate applies to withholding tax that goes back to overseas investors—
Predators and parasites—
but foreign investors can also capital partner with Australian investors.
That is the most telling part of all. This bill would only change the tax treatment of foreign, predatory, multinational corporations. That’s all. There’s nothing for Australians. Australian companies could do it. Foreign companies pay a penalty—that’s a good thing. Yet the Labor Party of Australia would change that; you in the government would change that. Are Labor the party for Australia, or are they the party for global, foreign corporations? Build-to-rent answers that question clearly. Clearly Labor are for the foreign corporations like BlackRock, Vanguard, State Street and First State. One Nation, though, is for Australians owning their own homes.
I’m going to do something a little unusual and quote extensively from the coalition senators’ dissenting report on the build-to-rent bills—an outstanding report. I hope you don’t mind, Senator Bragg. It goes to the very heart of what’s wrong with the new Labor Party:
Build to Rent has had minimal cut-through in Australia because our tax settings are designed to favour individual, ‘mum and dad’ investors, not institutions. That is appropriate.
This legislation seeks to tip the scales in favour of institutions through tax concessions, in order to make Build to Rent projects profitable for industry super funds and foreign fund managers. Labor thinks that institutions need a leg up over Australian first home buyers.
Why? The report continues:
Dr Murray was critical of the Bill’s attempted perversion of our tax arrangements:
It’s not clear to me why local investors shouldn’t be advantaged over foreign investors in Australian housing. I don’t see that there’s a good argument … for levelling the playing field there. It’s not clear to me, if the intention is to attract super funds into this, why owning your own home via your super fund and renting your own home from your super fund is better than owning your own home and using that money to buy what is the best asset to own in retirement.
That’s just like One Nation policy. The report goes on:
At the public hearing, the Association of Superannuation Funds of Australia (‘ASFA’) suggested that Australians would prefer Black Rock and Cbus be the nation’s landlords—
Really? You would?
and described mum and dad investors as undertaking a ‘hobby activity’—
How condescending; how arrogant—
Senator BRAGG: Do you think the Australian people want to rent their house from a super fund?
Mr Clare: I think that they would be very happy with institutionally owned residential property where there is an option of having longer-term tenancies rather than the more-typical-in-the-market situation where there is a lack of assurance of continuity of tenancy because it’s a small-scale, hobby activity for individual landlords.
The report continues:
This is the view of a vested interest. Most Australians would not agree with this proposal.
Other witnesses did not share ASFA’s view. Grounded Community Land Trust Advocacy told the Committee:
Senator BRAGG: Are you concerned that we are seeing a corporatisation of housing in Australia?
Mr Fitzgerald: Absolutely. This is delivering horrifying results in the Northern Hemisphere, and this legislation makes no account of that—
No account of what’s actually happening—
It perplexes me that this government, which purports to be in support of labour—
That is, workers—
is allowing rent-maximisation strategies to come through unabated. Yes, I agree: pushing mum-and-dad investors out of the housing market will result in less competition—
An oligopoly for the big fellas—
What we’re seeing in the Northern Hemisphere is a horrific new software program called YieldStar, which in Atlanta coordinates rental increases for 81 per cent of rental properties. The board of supervisors in San Francisco has now banned this as a monopolistic practice—
Yet you want to bring it in—
There’s just nothing in this legislation that even prepares us for what’s coming.
The report goes on:
The Housing Industry Association pointed to the importance of Australia’s housing market maintaining a focus on individual ownership.
Senator BRAGG: But isn’t it the case that the character of the housing market in Australia is largely focused on individuals? … Do you think that’s a good or a bad design feature?
Mr Reardon: I think that is a very positive outcome, with the association and connection with home and with location, and a sense of place and purpose—all of those dynamics.
This is reinforcing what we already know and what Senator Bragg has already discussed. Mr Reardon goes on:
All the evidence shows that people who own their own home are far less likely to be incarcerated and more likely to be gainfully employed. All of the evidence shows positive economic, social and cultural outcomes.
Personal responsibility is a cornerstone, a foundation of a safe and productive society. Personal responsibility enables and is the basis for a safe and productive society.
Senator Bragg’s report then says:
Australians are not interested in subsidising institutional investors. When asked what organisations would be the key beneficiaries of Build to Rent tax concessions, Treasury confirmed that foreign fund managers would be at the centre:
There are a lot of foreign investors using the MITs because of the withholding tax concessions and other benefits from using that structure, but there can also be domestic investors using the MITs; they just get a different tax regime. Those investors will be working in partnership with commercial developers to develop these buildings.
The report continues:
Cbus Super has previously committed to scaling up in the Build to Rent sector, announcing a plan to scale up its portfolio to approximately $2 billion in apartments.
Some of the most alarming evidence from the public hearing was that the passing of this Bill could see Australian taxpayers subsidising foreign governments in their investment in our housing market. Dr Murray warned:
I find it interesting because we’ve already even got foreign investment funds doing build to rent. What’s even funnier is that the largest one is a foreign government. We’ve got the Abu Dhabi Investment Council, who owns the Smith Collective on the Gold Coast, which is 1,251 build-to-rent dwellings, and we’re now proposing to offer them a better tax treatment for something they’re already doing—through a foreign government. I find that a bizarre outcome of this proposed bill.
It is bizarre. The report continues:
Approaches like Build to Rent endeavour to emulate the corporate housing model which has seen a downturn in the United States housing market.
Fund managers have become the predominant landlords in the US—
I will digress from Senator Bragg’s dissenting report for a minute. The bankers in the United States said in the 1920s that their dream was a combination of predatory behaviour and legislation to get a monopoly and own every house that they could in the country—to control people—because once people have their residence at stake, they are easily controlled. The report says:
Fund managers have become the predominant landlords in the US. According to the US Government Accountability Office (‘the GAO’), large institutional investors emerged following the global financial crisis, purchasing foreclosed homes at auction in bulk and converting them into rental housing.
In 2023, corporate housing funds held $1 trillion USD in assets. In Atlanta, Charlotte and Jacksonville, institutional investors own 25, 18 and 21 per cent of the rental stock respectively.
That is what you are wanting here. We don’t want it. The report continues:
This corporate housing model, in order to generate a return on investment for institutional investors, relies on individuals being locked into a cycle of perpetual renting—
This is exactly what we’ve been warning for the last five years. It continues:
There is a growing consensus in the US that this model has failed and is hurting prospective first home buyers. Lawmakers from both sides of politics are introducing legislation to limit institutional investment accordingly—
Watch what’s happening; this has failed—
While the US is moving away from corporate housing, the Australian Labor Party is forcing Australians into it.
Well, Senator Bragg, I’m not ashamed to admit we probably couldn’t have written it better ourselves; thank you.
Build-to-rent is an abomination that destroys the Australian dream of owning your own home. One Nation raised this cruel reality years ago. One Nation rejects making Australians forever renters to a cartel of greedy foreign corporations.
An honourable senator interjecting—
Senator ROBERTS: Let’s see if you repeat that: One Nation rejects making Australians forever renters to a cartel of greedy foreign corporations, predatory parasitic corporations and parasitic predators driving the World Economic Forum and the United Nations agenda, on your conscience. All Australians should be able to work hard and one day own their own slice of this great, big, wonderful country with so much potential. Only One Nation has the policy to make this real for everyday Australians.
It’s time to take back control of our borders, protect Australian jobs, and ensure a future where Australians come first.
One Nation will:
🔸 Deport 75,000 illegal migrants – those that have overstayed their visas, illegal workers and unlawful non-residents that undermine national security, drive down wages, and take advantage of public services meant for Australians.
🔸 Make migration net negative, which means more leave Australia than arrive – and the population decreases.
🔸 Stop the skilled visa rorting that allows cheap foreign labour to undercut Australian workers.
🔸 End the student visa loopholes that turn study into a backdoor to permanent residency or low-wage labour.
🔸 Stop the Administrative Review Tribunal being abused with endless, weaponised appeals that clog the system and delay rightful deportations. Immigration enforcement must not be held hostage by legal loopholes.
🔸 Reintroduce Temporary Protection Visas a proven, effective policy that prevents permanent residency through the back door and deters illegal arrivals.
🔸 Deport any visa holder who breaks the law. Weak law enforcement policies have put Australians in danger for too long. If you commit a crime, you lose your visa and the right to stay.
🔸 Introduce an eight-year waiting period for citizenship and welfare, ensuring new arrivals contribute before they take.
🔸 Refuse entry to migrants from nations known to foster extremist ideologies that are incompatible with Australian values and way of life.
🔸 Withdraw from the UN Refugee Convention. because Australia will not be dictated to by foreign organisations when deciding who we accept into our nation on humanitarian grounds.
Under the One Nation plan, anyone that owns residential property yet isn’t an Australian citizen or permanent resident, will be given two years to sell their property back to an Australian. The two-year grace period will ensure there isn’t a flood of properties onto the housing market.
Let’s get Australians into affordable houses while keeping the market sound.
Transcript
Australians are rightly stunned and confused. Why are foreigners, people from other countries, allowed to buy real estate while Australians are made homeless and sleep on the street? China dominates foreign purchases of Australian real estate, snapping up the most of any country in the world. China snaps up houses and farmland across our country, yet Australians are banned from buying a house in China. Add to that Hong Kong, Taiwan, Vietnam, India, the United States and the United Kingdom. The list of countries that grab Australian real estate goes on and on.
Australians are suffering through a housing crisis, a catastrophe. The average mortgage size has never been higher, with expensive repayments crushing household budgets. A house in Brisbane used to cost three times the average income. Now it’s 10 times. This combination of high house prices and high interest rates means the average Australian is paying more of their wage on mortgage repayments than a homeowner would in 1990, when the Reserve Bank of Australia’s cash rate was at 17 per cent. I’ll say that again. As a proportion of income, mortgages are more expensive today than when the RBA had rates at 17 per cent.
The rental market in Australia is broken. Vacancy rates, a good measure of whether it’s even possible for people to find a rental, have been at crisis levels for years. The average rent for a house in Brisbane has gone from $467 a week in 2020 to $740. For a unit in Brisbane, rent has gone up from $381 to $587 in the same period, since 2020. What’s the government’s response to the hurt Australians are feeling trying to get into a house? Labor will keep letting foreigners buy residential real estate.
While the Liberals signal they might do something about it, their proposal doesn’t go far enough. Peter Dutton doesn’t want to stop foreign ownership of real estate. He wants foreigners to be back here buying up the farm in two years. The Liberals’ temporary pause is not good enough. Australia needs a complete ban on foreigners owning houses in this country. The Liberals won’t do anything about the houses that are foreign owned right now—they can keep them. In 2017, ANZ estimated that foreigners owned up to 400,000 Australian homes. That’s enough for a million Australians to live in, and that number of homes can only have increased since then.
One Nation would implement a true ban on foreign ownership. Under our plan, anyone that owns residential property yet isn’t an Australian citizen or permanent resident will be given two years to sell their property back to an Australian. The two-year grace period will ensure there isn’t a flood of properties onto the housing market. Let’s get Australians into affordable houses while keeping the market sound. When the Liberals would be opening back up purchases for foreigners, One Nation would be completing the greatest transfer of houses out of foreign hands and into Australian hands in history. In this debate, we will hear Labor senators get up and claim that foreign ownership is less than one per cent. We’ll hear them claim it’s foreign investment. That’s a lie. It’s ownership. And their numbers aren’t true.
In that 2017 report I mentioned, ANZ said, based on Foreign Investment Review Board data, foreigners had purchased an estimated 25 to 35 per cent of new Queensland homes. Later in 2017, the government introduced a new annual vacancy fee for foreign owners of residential properties. You won’t believe this next coincidence. After the government started charging a fee on foreign owners, the number of foreign owners declaring themselves to the government dropped from between 25 and 35 per cent to one per cent. It was just like magic! When NAB asked real estate agents directly how many foreigners they were selling to, the percentages were in the double digits. That’s more than 10 per cent. We know that. It’s a fact. The New South Wales government has even recorded foreign purchases at more than double what the federal Labor government claims they are. It doesn’t matter what the real number is anyway. One foreign purchase is one too many while Australian families are sleeping on the street.
Foreign ownership is one part of the housing puzzle. One Nation has comprehensive solutions to all of the levers we need to pull to get Australians into affordable houses. These including pausing immigration to reduce demand, abolishing GST on building materials, establishing five per cent fixed rate mortgages, enabling HECS debtors to get a loan and deporting 75,000 illegal residents now.
On foreign purchases and ownership, we are clear. Only One Nation will implement a real, permanent ban on foreign purchases. Only One Nation will force foreign owners to sell their houses to Australians. Only One Nation will extend the ban on foreign ownership to our valuable farmland, to protect our ability to feed Australians first. Only One Nation can be trusted to truly put Australians first.
Australia desperately needs housing and population policies that prioritise Australians FIRST. Both the Liberal-Labor uni-party have been implementing massive immigration, opening the floodgates despite making Australians homeless.
Australia has reached a record 2.43 million temporary visa holders, excluding tourists, which translates to a need for up to a million extra houses.
During COVID, when our borders were closed, rental vacancies near universities increased, showing that fewer international students mean more homes for Australians. The truth is, some universities and private education/training providers are abusing the system, using student visas as a backdoor for work rights, and eventually staying in Australia permanently. Many on student visas work full-time illegally and send money back home, with remittances hitting a record $11 billion in 2023. The claim that international students are a major export is a lie, as most work to support themselves here.
Until housing and infrastructure catch up, immigration needs to be dropped to zero and we have to ban foreign ownership. You can only trust One Nation to put Australians first.
Transcript
Thank you to Senator Pocock for raising this issue. Australia desperately needs housing and population policies that work for Australians. The Labor government has no coherent or practical policies. Both chiefs of the Liberal-Labor unity party have been implementing massive immigration. It’s essentially: ‘Open the floodgates to arrivals, no matter how many Australians are made homeless.’ We need a policy that does the opposite and puts Australians first.
Australia just hit a record level of temporary visa holders. Excluding tourists and other short-stay visitors, temporary visa holders in the country now number 2.43 million people. This blows the previous record of 1.9 million out of the water. That’s up to a million extra houses needed for these people. And 680,000 of these are international students—another record. This is putting untold pressure on the housing crisis. When the borders were closed during COVID, nearly all suburbs close to universities experienced higher rental vacancy rates. That means that when international students couldn’t come into the country there were more homes available for Australians. Now, who would have thought?
The truth is that some universities and private vocational education and training providers are completely abusing the system. A student visa is more often seen as a backdoor way to get working rights in Australia and eventually staying here forever. Hundreds of thousands of people on temporary student visas end up illegally working full-time hours and sending the money back to their home country. Personal remittance flows out of Australia almost perfectly correlate with the number of student visa holders in the country. On the latest figures in 2023, the transfer of money out of Australia hit a record $11 billion—out of the country. We can only assume that it has increased since then.
A particular lie is being peddled in this debate. That lie is that international students are one of Australia’s largest exports, at $40 billion a year. That figure assumes an international student arrives here on day one with all their money for course fees, rent, food and transport bills, and other spending already saved in their bank account. In reality most students end up working here for the money to support themselves and sending the remainder back home. The claim that international students are one of our biggest exports is simply not true because it is does not align with reality. Until housing and infrastructure catch up, One Nation will drop net immigration to zero.
In the middle of a housing crisis, developers are locking up land, waiting for it to get worse so they can sell it at higher prices.
While cutting immigration is the number one solution to the housing crisis, we also need to look at foreign-owned companies that seem to be waiting for house prices to get even more expensive before they build more.
Transcript
Senator ROBERTS: A car is the third-biggest investment cost of a person’s life, usually. Housing would be No. 2. Government is far and away the biggest cost during a person’s life. Let’s move on to housing. Are you doing any work in the property market in terms of land development? Some developers are acting like a cartel and keeping land locked away in the middle of a housing crisis, waiting for the demand get even bigger to raise their price. What are you doing in this space?
Ms Cass-Gottlieb: Our exposure will arise in mergers, and we reviewed what was voluntarily notified to us— a merger in terms of the function of masterplanned communities. It was an acquisition that brought together assets; Lendlease was selling some assets which went to Supalai. In relation to the Illawarra area, where we considered there would be too much concentration post the transaction, we required a divestiture in order to retain continuing competition. One exposure we have to this, and an important role we have, is merger control. With the reforms, if passed by the House, we will have much more visibility in relation to the transactions we need to look at. If we were to become aware of cartel conduct or reports of anticompetitive conduct, that would absolutely be within our enforcement remit against anticompetitive conduct. We do not have an overall supervisory function in relation to housing. It arises in relation to maintaining and promoting competition.
CHAIR: The committee advises that it is releasing the Productivity Commission; you go with our thanks.
Senator ROBERTS: Are you aware of any developers withholding land from the market to bump up prices?
Ms Cass-Gottlieb: I don’t believe we are aware of that, no.
https://img.youtube.com/vi/gGWFuojDhMg/0.jpg360480Senator Malcolm Robertshttps://www.malcolmrobertsqld.com.au/wp-content/uploads/2020/04/One-Nation-Logo1-300x150.pngSenator Malcolm Roberts2025-01-02 14:10:002025-01-02 14:55:25Developers Locking Up Land
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
Since November, I have been trying to get a very simple answer out of the Australian Taxation Office (ATO): How many potential foreign buyers are they detecting?
The ATO runs a data matching program that checks the details of more than 2.4 million sellers and buyers to detect if they might be foreign.
The ATO claims only 1% of purchases are foreign, but they won’t tell me how many of those 2.4 million matches they get are flagged as potentially foreign. Watch as they again refuse to tell me how many foreigners they identify in the 2.4 million records.
They claim to have manually checked over 230,000 records every year that can’t be automatically matched to confirm whether they are Australian. With other evidence like the NAB property survey indicating up to 11% of new housing stock is purchased by foreigners, I believe the ATO figures are completely understating the level of foreign buying in the country.
Transcript
Senator ROBERTS: Thank you for appearing again tonight, and congratulations to you, Mr Heferen. I don’t think we’ve seen you since your appointment. My first question is about foreign buyers of real estate. Radio 2GB reported in April that foreign buyers accounted for 11 per cent of newly built homes in the final quarter of last year. This is a disaster for Australian homebuyers. Can you please provide that data for each quarter over the previous 12 months—the proportion of newly built homes bought by foreigners?
Mr Thompson: I think the 2GB article would have been using the National Australia Bank—
Senator ROBERTS: That’s my understanding.
Mr Thompson: As I think I’ve talked about at the committee before, there are a number of differences between the National Australia Bank survey and our data. So the National Australia Bank’s data is from a survey, so it asks real estate and other real estate professionals to estimate. I think the exact question in that survey is about overseas buyers. Our numbers are coming from state and territory land title offices, which are matched against Home Affairs data and Australia Electoral Commission data. There is a very significant gap between the numbers that appear in that survey and the numbers that we get. Our numbers are based on the definition of a foreigner under the Foreign Acquisitions and Takeovers Act. I think last week we released the 2022-23 numbers, which would put the estimate at around one per cent.
Senator ROBERTS: Moving onto the first home super saver scheme, I’m quoting from the eligibility requirements in guidance note 2018/1: There is no requirement for you to be an Australian citizen, Australian resident or an Australian resident for taxation purposes. Why are we allowing foreigners—not even residents for taxation purposes—access to this scheme, which is meant to be for getting Australians into their first home?
Mr Heferen: That would be a policy question for our colleagues at the Treasury.
Ms Brown: It is a policy question for Treasury, but the appropriate group for it to be directed to is markets group. That is administered by our Retirement, Advice and Investment Division in markets group. We can take it on notice and have them provide a reply.
Senator ROBERTS: I want to come back to foreign ownership again. I refer to table 3 of the answer to question on notice SBE106 from the November estimates. Through the Department of Home Affairs visa data- matching program, how many of the real property transfer report entities records that are automatically matched to ATO records are foreign?
Mr Thompson: As we’ve answered previously, we’re not able to—the question was, ‘How many do we automatically match?’ and ‘How many do we have to go away and do additional things to match?’
Senator ROBERTS: I’m coming to that.
Mr Thompson: If you think about it coming through the system: if it’s an exact match, that’s all automated. There would be a range of circumstances where we don’t get an automatic match. It could be that the date of birth’s the wrong way. It could be a maiden name. In those circumstances, we have additional processes to match. We work down through every record. In the automatic matches, there will be some foreigners. In the ones we can’t automatically match, there will be some foreigners.
Senator ROBERTS: What percentage?
Mr Thompson: At that point—
Senator ROBERTS: You can’t tell us?
Mr Thompson: The numbers in that answer to the question on notice were addressing how many we automatically match versus how many we perform additional—
Senator ROBERTS: Correct. How many that were matched were foreigners?
Mr Thompson: If the question is about the compliance results that we get, they’re published—
Senator ROBERTS: My question is: what percentage of buyers are foreigners?
Mr Thompson: One per cent.
Senator ROBERTS: Could you provide to me on notice the numbers of foreign buyers for the last five years.
Mr Thompson: We publish that. I’ve got the latest public—
Senator ROBERTS: Okay, if you could take it on notice for the last five years.
Mr Thompson: I’ll take it on notice.
Senator ROBERTS: From table 4, immediately below that from the same question on notice from November estimates, how many of the entity records that were not able to be automatically matched to ATO records remain unverified or unresolved?
Mr Thompson: None.
Senator ROBERTS: How many unmatched records from the data-matching program remain unresolved from 2018 to date?
Mr Thompson: I think that’s the same question.
Senator ROBERTS: I want to go right back to 2018.
Mr Thompson: I’ll take that one on notice.
Senator ROBERTS: How many residential properties in Australia are owned by foreigners today?
Mr Thompson: I think that is the question around the register.
Senator ROBERTS: I just want to know how many foreigners own real estate. We’ve got a housing crisis. We’ve got people in Brisbane and all up and down the east coast of Queensland in major provincial cities sleeping under bridges and in cars, taking families home.
Senator Gallagher: Yes, but I think it’s very simplistic to say that that housing shortage is a result of foreign investment in residential housing. We’ve had a number of hearings where you’ve been told how relatively low that level is in comparison to non-foreign owned.
Senator ROBERTS: I’d like the exact numbers.
Senator Gallagher: And we’ll provide that number to you, but the link that you are saying—that foreign ownership of properties equals some of what you’ve been talking about and is a real issue in Brisbane—is not right. The issue is supply. We’ve got to build more houses for people, not blame foreigners for it.
Senator ROBERTS: I’ve never said it’s entirely due to foreigners, but that is one—
Senator Gallagher: We need to make sure that the rules are tight, that there are restrictions in place, which there are, so that that arrangement works properly. But it’s not fair to say that the housing crisis is because we’ve got some small foreign-owned investments.
Senator ROBERTS: I didn’t say that. I said that’s one contributing factor.
CHAIR: I’ll just do some committee administration here. I’ll table three documents—the three articles referenced by Senator O’Neill earlier. The committee has agreed to a time management plan to conclude questions, so last question, Senator Roberts.
Senator ROBERTS: I’d like to make the point that the witnesses have provided answers so late, in the past, that they’ve been distributed at 8 pm on the day before they appear in Senate estimates, 100 days after the last hearing, and failing to raise any public interest immunity claims on answers they don’t give. That’s a clear frustration of the committee’s work.
Senator Gallagher: We will try and do better, Senator Roberts. We have had a long discussion about the number of questions on notice which are coming in and having to be managed by departments, but I agree: it’s an important accountability measure, and departments should work to meet the timeframes.
Senator ROBERTS: When it’s 100 days, it’s way late, and then it suddenly comes in at 8 pm on the night before.
Senator Gallagher: Yes. I understand your frustration.
Daily Telegraph Article: Foreigners buying homes at twice the rate claimed in official figures, according to real estate agents and state tax data
https://img.youtube.com/vi/gamy1bETaVU/maxresdefault.jpg7201280Senator Malcolm Robertshttps://www.malcolmrobertsqld.com.au/wp-content/uploads/2020/04/One-Nation-Logo1-300x150.pngSenator Malcolm Roberts2024-08-15 13:55:002024-08-15 13:59:04How Many Foreign Buyers Are Really Snatching Up Australian Homes?
