The proposal seeks to increase the fees and penalties levied by the Foreign Investment Review Board (FIRB), on an ongoing basis. Specifically, the proposal would:

• double the application fees for foreign investment in residential real estate
• double the civil and criminal financial penalties for foreign buyers who acquire new or existing dwellings without approval
• double the maximum penalties for the following 8 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 4 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 conditions that requires them to notify of actual purchase and sale of established properties.
  • Third party assists foreign investors to breach rules.
• double all other FIRB fees

The proposal would have effect from 1 July 2022.