Bill
Prohibition on the Purchase of Residential Property by Foreign Entities Bill 2024
lapsed, as at 2024-08-20.
- Sponsor
- Andrew Gee
- Portfolio
- Not recorded
Recorded stages
- introduced — 2024-02-12
- second reading — 2024-02-12
- other — 2024-08-20
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2024-02-12.
The bill would ban foreign entities from buying Australian homes for two years.
It would let the Federal Court order the sale of any property bought in breach of the ban, on the minister's request.
The penalty for breaking the ban is 800 penalty units, which can be multiplied by five for a foreign company.
- Introduces a two-year prohibition on non-Australian foreign entities buying residential property.
- Empowers the Federal Court to dispose of property obtained in contravention of the prohibition.
- Sets a penalty of 800 penalty units, with a higher amount possible for foreign corporate offenders.
Non-Australian foreign entities, as well as Australian citizens or permanent residents buying jointly with a foreign spouse or de facto partner, and foreign countries buying property for diplomatic or consular purposes.
Sources
em
billhome