Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

I thank Senator Williams for that supplementary question. The new arrangements are about ensuring that first home buyers and other home buyers across Australia get a fair go when they turn up to an auction or go into a real estate agents office. The government has provided additional resources to the Australian Taxation Office to improve compliance and to strengthen the enforcement of the rules regarding the purchase of residential real estate by foreign investors. The ATO can cover more than 600 million transactions annually through its data-matching programs, matching its own taxpayer data with a variety of third-party sources, including the Foreign Investment Review Board, Immigration, AUSTRAC banking data and state and territory land title data. The ATO compliance officers are then in a position to investigate any suspected breaches and ensure that appropriate measures are taken to ensure compliance with the law.