Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Hansard source

I thank the honourable member for her question and recognise that residential construction, particularly in Western Sydney, is hugely important, as is the construction of WestConnex with 10,000 jobs, as is the investment of over $2.8 billion in new roads and as is the construction of a second airport, resulting in an additional 8,000 jobs. Labor wants to tear it up. Labor in New South Wales wants to stop the development in Western Sydney and close down WestConnex—immediately costing 18,000 jobs, just like they have just torn up contracts for 7,000 new jobs associated with east west in Melbourne. Why does Labor hate jobs? I do not understand it. We should be pleased today about the fact that we have building approval numbers that have increased in the last 12 months by over nine per cent for the year. We now have the highest apartment construction on record, and that is going to help to create more jobs right around Australia—and obviously in the member for Macquarie's electorate as well.

Last week, the Prime Minister and I announced a new regime for the policing and enforcement of existing laws in relation to foreign investment for residential real estate. We view it as very important that there be integrity around the foreign investment system in Australia. I reiterate that not since 2006, when the coalition was last in government, has anyone—not the Labor Party, not anyone—ever enforced the law. I can announce to the parliament today that just before question time I issued an order, under subsection 21A(4) of the Foreign Acquisitions and Takeovers Act, to force the divestment of a major residential property in the middle of Sydney held unlawfully by a foreign investor. They have 90 days to sell the property. We are very serious about enforcing the law. We are very serious about integrity in our foreign investment system. If someone breaks a law, we will enforce the law to its full. We welcome foreign investment. It is hugely important, but it is vitally important that every Australian knows that the rules relating to foreign investment are going to be enforced. They were not enforced by the Labor Party. They are being emphatically enforced under the coalition.

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