30 Nov 2014 — Petition Update...
Since the release, there have been a range of commentators who are either short selling Australia, speaking deceitfully or others with just an irritating deliberate silence. It's funny you know, I read through the House Standing Committee Economics Report Tabled in House of Representatives, Federal Parliament. I was quite elated initially to have the Petition Submission accepted into the Parliamentary Reporting, so this was a real positive sign. Then without fully digesting the contents thoroughly, I hastily wrote the last news update. Now I realize that while some of the recommendations are a positive step forward, they DO NOT go nearly far enough.
I watched the "730 report” on “Ch 2 " and a certain "Miss TU" a Real Estate Agent who said, “...she had sold $120 million worth of high end real estate in Sydney this year and that the New Regulations would NOT affect her business in the slightest...” The only interviews conducted, were with Real Estate Insiders. These individuals have gained enormously from the lax or non-existent FIRB regime. In particular, one Real Estate Institute representative that touted erroneously 1% were Foreign Buyers [should be 17%]. Also, only a small number of them were flouting the rules?? [sic]…I had been asked by Al Jazeera to be interviewed in another State that morning…almost an after-thought. So I knew something was definitely amiss?
It was not just the $1500 miscalculation under-selling the Australian National Interest. But the recommended changes to the existing regulations are what should have been there in the first place, "years ago"?? Even Kelly O’Dywer MP missed answering about, when these changes would pass both houses of Parliament. While the committee’s own vice-chair Ed Husic MP using emotive language said, “…it was no more than a tax grab!” Even after spending 12 months sifting through compelling evidence to the contrary; he seemed in complete denial or was deliberately sabotaging the findings?? Here are examples of unanswered overlooked issues?
1. What about foreign students on Student Visas and temporary residents buying Properties while studying? Why can’t they rent or what is the real agenda: apart from delivering a “bolt hole or anchor” for their wealthy parents? This should be strictly prohibited…PR’s only!
2. What about Foreign Nationals with no connection to Australia at all? Buying properties over the phone with Australian Agents with PR’s and no allegiance to Australia whatsoever? These Foreigner Nationals, then buying using proxies via off-shore agents. These are difficult to trace and easy for them to avoid? These types of transactions should be strictly prohibited. The fact that it is well known these transactions deliver no Capital Gain Tax due to shifting funds through 3rd party banks. Again, strictly prohibited.
3. What about Foreign Buyers of newly built homes in NSW whom are receiving $5000 grants with the state government's decision to allow non-citizens to take part in its New Home Grant Scheme? Meaning, if an overseas buyer were to buy 20 off-the-plan apartments, they could apply for 20x $5000 grants. This confirmed by Treasurer Mike Baird's office. Also buying 100% off the plan offshore with no limits to what can be bought. These should be restricted to the number that can purchased and or strictly prohibited.
4. What about retrospective analysis of properties and irregular transactions bought unlawfully over the last 5 years? If the Treasury instituted a properly calculated Foreign Investment Tax then there would be enough revenue to restore some balance and equity…period.
5. What about food security allowing Foreigners buying Agricultural land; Mines security for strategic military minerals e.g. Rhenium, Vanadium, Tin, Chromium, Antimony; strategic land developments verses leaving them undeveloped for National Security? Not part of the terms of reference, but rarely discussed? As if, business as usual, sell anything to whom-ever requests it?
6. What about “land banking” and the ongoing difficulties in tracking? Once funds are laundered in another name or entity, it is very difficult to trace. Once sanitized then difficult to track or repatriate funds from their country of origin. A national register of land title transfers that records the citizenship and residency status of all purchasers of Australian real estate would help, but very costly, case by case. This should be strictly restricted.
7. Etc…posters at our petition would have additional unanswered queries. I know it’s left me in a quandary?
The $1500 application fee is a dreadful misnomer and delivers an “economically” unjust outcome to Australian Families? The fact that the Committee came up with this figure is seriously worrisome. Makes me think the Abbott Govt. is so busy appeasing special interest groups or frightened to upset Foreign Interests e.g. Free Trade Agreements. They are willing to sell us out, so quickly and so readily and act against the National Interest. Am I missing something here? One poster who exclaimed, “There is treason afoot…”, another, “…$1500 would be a tip in an expensive restaurant in Beijing among corrupt Govt. officials…” another, ”… Apply the same tight foreign ownership rules, which operate in their own countries!” I am afraid to say; this is not over by a long shot? Foreign Interests will continue forcing Australians to the fringes, while the FIRB remains in limbo.
nodefamatory content can be brought...for-foreign-investment-in-australia/u/8887891
