This government and this country welcome foreign investment, and foreigners are welcome to purchase new residential property because we want to increase the stock of residential property available to people. But it has got to be the right investment on the right terms that advance our national interests. The Foreign Investment Review Board does have to be properly financed. Every year, quite rightly, the Foreign Investment Review Board handles literally thousands of applications because, quite rightly, people from overseas find Australia an attractive place to invest. But it does need to be properly financed. The people who make the applications to the Foreign Investment Review Board should be funding it, and so there will be an application fee regime established—much the same as exists in New Zealand but much less than the 15 per cent tax impost which is placed on foreign property acquisitions in Singapore and Hong Kong.

Yet again this is an example of this government getting on with the job and dealing with the real issues facing the people of Australia, and home ownership is as vital as any of them.