Pauline Hanson (Queensland, Pauline Hanson's One Nation Party) Share this | Link to this | Hansard source

We're often told that foreigners own barely one per cent of private residential property in Australia. The implication is that it's not a problem, but, in real numbers, it's estimated there are more than 108,000 dwellings in Australia that aren't owned by Australians. The rules governing foreign investment seem to be selectively enforced—that is, if they're ever enforced. Total residential property transactions by foreign investors rose 27 per cent from July 2022 to June 2023; since the pandemic they've been coming back in droves. In fact, there were 5,360 purchases to the value of $4.9 billion.

For decades we've been told that foreign investment was limited to new dwellings to encourage more housing supply. I've recently learned that foreigners can purchase established housing up to the value of $750,000 but are subject to the following: foreign students can buy established homes provided they sell them when they leave, and foreigners can buy established homes provided they redevelop them within four years. It's these rules which aren't being enforced. It's no wonder that, in the year to June 2023, 34 per cent of foreign purchases were for established dwellings and another 16 per cent were for vacant land. Every purchase of a home or piece of land represents Australians being denied ownership.

For years it's been One Nation policy to permanently ban foreign ownership of residential property. We're gratified the coalition has adopted another of our policies, although it's for a temporary ban that does not go far enough. We must stop foreign ownership of housing indefinitely and give foreign owners two years to sell up so we don't suddenly flood the market. If the property is not sold, it should be repossessed by the federal government. We must put Australia and Australians first.