Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Hansard source

I recall you asking these questions, Senator Roberts, and I understood they were answered at the time by officials when I was sitting at the desk. If there have been follow-up questions you have asked on notice that have not been answered, I can certainly follow that up.

I think the evidence we gave during Senate estimates was that foreign investment plays an important role in bolstering Australia's housing stock and creating additional jobs in the construction industry. But it is monitored very closely for good reason. It is tightly regulated, with foreign persons generally requiring foreign investment approval before acquiring an interest in residential land, regardless of its value, with a few exceptions.

Foreign investors make up a very small proportion of the total Australian residential property market, accounting for approximately 0.93 per cent of new and established dwelling purchase transactions in 2022-23. Out of 479,257 transactions, based on ATO data from 2022-23, only 4,463 transactions were by foreign investors. It is a very small component—less than one per cent—of new and established dwelling purchase transactions in the 2022-23 financial year. I think senators have raised this through estimates as something they are interested in—raising concerns about foreign investors squeezing out local residents from being able to purchase housing. But the evidence would show that it's a very small component of the residential property market in the transactions that are being monitored, as was explained in estimates by the ATO. (Time expired)