Government urged to better enforce foreign investment rules

A PARLIAMENTARY committee has recommended stronger enforcement of rules around foreign property investment.

In particular, the committee has urged the Government to bring in tougher penalties for breaches and more resources to detect illegal real estate buying and ownership.

The Commonwealth Treasurer Joe Hockey earlier this year tasked the House Economics Committee with looking at how effective the rules around foreign residential real estate investment are.

After six public hearings and 92 submissions, the committee has found that the rules themselves are sound, but that the Foreign Investment Review Board's (FIRB) enforcement of them and penalties for breaching them are grossly inadequate.

The committee's chairman, Liberal MP Kelly O'Dwyer, said there has been no court action for breaches of the rules since 2006 and it "defies belief" that there have been no breaches over that period.

Read more at ABC News online


Red Ants play for a cause

Red Ants play for a cause

It is set to be big weekend of rugby league in Kingaroy.

Burrandowan Picnic Races just around the bend

Burrandowan Picnic Races just around the bend

Find the best fashion, food, and music at the Burrandowan races.

Capers cook up a delicious win

Capers cook up a delicious win

South Burnett producers named state finalists.

Local Partners