Australia’s proposed foreign investment fees, while supported by peak industry bodies, is perceived by others as counter productive to attracting foreign investment, reports The Australian Business Review (5 February 2015). Peak bodies say the new laws – which charge foreign investors an application fee of up to AUD 1500 – will ensure a better understanding of foreign property ownership in Australia. Others, however, say the fees may discourage investment, which Australia needs. “Other markets that have proposed fees and taxes on foreign buyers have done so with the explicit goal of discouraging foreign investment, so it’s no wonder that this fee could do the same,’’ notes Andrew Taylor, Co-CEO of Juwai.
