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


Crews battle fire at shopping complex

Premium Content Crews battle fire at shopping complex

Firefighters were called to reports of smoke coming from a building

Sense of ‘hopelessness’ felt at time of break-in spree

Premium Content Sense of ‘hopelessness’ felt at time of break-in spree

A MAN has pleaded guilty to 21 offences from the Ballina and Lennox Head areas.

SIX unmissable events on the Northern Rivers this weekend

Premium Content SIX unmissable events on the Northern Rivers this weekend

There’s plenty to do this weekend if you're out and about