The proposal has three components.

Component 1: Double the application fees for foreign investment in residential real estate.

Component 2: Double the civil and criminal financial penalties for foreign buyers who acquire new or existing dwellings without approval.

Component 3: Double the maximum penalties for the following eight breaches.

• Non-resident acquires established property or temporary resident acquires more than one established property.
• Temporary resident fails to sell established property when it ceases to be their principal residence.
• Temporary resident rents out an established property.
• Failure to complete construction within four years without seeking extension.
• Property developer fails to market apartments in Australia in accordance with conditions applying to an exemption certificate.
• Property developer fails to comply with reporting conditions associated with approval.
• Foreign person fails to comply with reporting condition that requires them to notify of actual purchase and sale of established properties.
• Third party assists foreign investor to breach rules.

The proposal would have effect from 1 July 2019, and would be announced in advance.