Reaction to the new application fee and penalty for foreign property buyers in Australia has been swift, reports The Sydney Morning Herald (26 February 2015). Whereas Prime Minister Tony Abbott said the fees were established to ensure rules are enforced, members of the property industry are more skeptical about its efficacy. “The fee itself probably won't have that much of an impact as the fact that it's being charged upon application and not upon successful purchase. You may put a bid on 10 or 15 properties and not win any of them," said Co-CEO, Simon Henry. [This article is available in print only ]