Malcolm Roberts Queensland, Pauline Hanson's One Nation Party
2:37 pm
My question is to the Minister representing the Minister for Housing, Senator Watt. Minister, in the most recent period for which you have the data, how many Australian homes did foreign buyers purchase, and what was the value of those purchases?
Penny Wong SA, Australian Labor Party, Minister for Foreign Affairs
I was just going to invite the senator to redirect the question to Senator Farrell.
Sue Lines President
Senator Roberts, I'm taking it that you're redirecting to Minister Farrell?
Malcolm Roberts Queensland, Pauline Hanson's One Nation Party
Yes, I am.
Don Farrell SA, Australian Labor Party, Minister for Trade and Tourism
2:38 pm
I thank Senator Roberts for his question. In the last budget we did take some steps to remove the barriers to foreign investment in the new bill to rent to housing, to try and boost supplies of rentals. While the investment in building new housing is welcome, foreign ownership of existing housing is generally prohibited. While in some circumstances foreign residents can purchase a home while they are living in Australia, they are required to sell or rent it when they leave, and a vacancy tax applies to any properties left vacant. As we promised in the lead-up to the last election, we have doubled the penalty for breaches of our foreign investment rules from 1 January this year.
Sue Lines President
Minister Farrell, please resume your seat. Senator Hanson?
Pauline Hanson Queensland, Pauline Hanson's One Nation Party
President, I have a point of order, on relevance to the question. It was about how much money has been invested by foreign investors. It's got nothing to do with Labor Party policy or budget.
Sue Lines President
Thank you, Senator Hanson. I'll draw the minister to that part of the question.
Don Farrell SA, Australian Labor Party, Minister for Trade and Tourism
I'm happy to get the actual figures. I don't have the actual figures in front of me, but I do understand that it's a very, very small percentage of the overall expenditure in this area. But I will follow up with the Minister for Housing and get some more detailed information for you, Senator Roberts.
Malcolm Roberts Queensland, Pauline Hanson's One Nation Party
2:41 pm
So the upshot of that is: you don't know. Thank you for admitting it eventually. Publicly available data from the New South Wales Treasury covering the entire 2022-23 financial year indicates that 1,657 foreign buyers last year purchased housing worth $2.1 billion, suggesting every year in Australia 5,000 foreign buyers purchase $5 billion in housing. Minister, what is your government doing about foreign ownership of Australian housing?
Don Farrell SA, Australian Labor Party, Minister for Trade and Tourism
I thank Senator Roberts for his follow-up question. I don't accept the proposition that I don't know the figures, Senator Roberts. I've indicated to you that I am happy to get the information from the relevant minister, this not being my direct portfolio responsibility. Of course, she does a terrific job in this area, and I'm sure she'll be able to provide you with some information in respect of it. I'll reiterate the point I made in answering your first question, and that is: we have doubled the penalties in respect of this area. I understand that the ATO has approved 1,224 residential retail purchases in the last three months— (Time expired)
Malcolm Roberts Queensland, Pauline Hanson's One Nation Party
2:42 pm
Minister, the recent census found that, on census night, one Australian home in 10 was unoccupied—10 per cent. We know foreign buyers are buying new property and locking it up so they can sell that property as new in a few years time, after the price rises, preventing renters from accessing housing. This forces rental prices higher. Senator, I ask you again: will the Minister for Housing act to prevent foreign property speculators distorting the Australian property market and driving up rental rates?
Don Farrell SA, Australian Labor Party, Minister for Trade and Tourism
2:43 pm
Thank you, Senator Roberts. The quickest way to help renters and, for that matter, anybody looking to buy a home at the moment, of course, is for the coalition and the Greens to stop working together to stop our $10 billion housing program.
Sue Lines President
Minister Farrell, please resume your seat. Senator Roberts?
Malcolm Roberts Queensland, Pauline Hanson's One Nation Party
President, this is a matter of relevance. I asked the minister to say if they would act to prevent foreign property speculators distorting the Australian property market and driving up rental rates. I don't want an argument between the Greens and the Liberals.
Sue Lines President
Sure. There was also the first part of your question, which went to the numbers from the census and went to holding stock, so I think the minister is being relevant, but I'll draw him to the second part of your question.
Don Farrell SA, Australian Labor Party, Minister for Trade and Tourism
I explained to you in the two previous answers I've given to you that this government has actually acted to increase penalties on the things that you're complaining about, so to accuse us of doing nothing in this area is completely wrong. But I reiterate the point: there is a way of dealing with the issue that you're worried about immediately, and the way to deal with that immediately is for the coalition and the Greens— (Time expired)