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

There are rules around foreign investment in residential property, and the government expects those rules to be followed and enforced. As I said, based on the latest data I have, foreign investors account for approximately 0.8 per cent of property transactions of new and established dwelling purchases in Australia and total foreign investment in residential real estate has significantly dropped since its peak in 2015-16. In 2023-24, the ATO's residential real estate compliance investigations identified 688 cases for investigation, 602 were completed, and found that 141 properties were in breach and 66 of these resulted in divestment.