ADDRESS HOUSING AFFORDABILITY BY BANNING FOREIGN INVESTMENT IN RESIDENTIAL PROPERTIES: WARD

Member for Kiama Gareth Ward has used Parliament to call on the Government to follow the lead of other countries to ban foreign property investors and developers from buying Australian land.

Mr Ward citied a range of countries who have a variety of regimes that limit or ban foreigners from buying residential property.

“It’s time for Australia to ban foreign investors from buying and developing Australian land,” Mr Ward told the House.

“Why are both sides of politics so afraid to take a stand on what is a relatively simply issue? I know that banning foreign investors from buying and developing residential land isn’t the silver bullet – but it will help and anything that puts downward pressure on prices and takes the heat of housing costs must be done.

“Foreign investment is a factor in driving up housing costs both for renters and home buyers as renters are crowded out and first home buyers face housing supply shortages.

“Growth pressures in my electorate are real and this Parliament has an opportunity to press the Commonwealth to do what other nations have done and pause foreign investors from profiteering at the expense of our citizens who are struggling to pay their rent and their mortgage.