Australian Prime Minister Tony Abbott there needs to be "better enforcement of the rules for foreign purchases of existing homes,"
- The government is currently considering the recommendations of the Parliamentary Committee inquiry regarding foreign investment in residential real estate
- Details of the reforms will be announced in coming weeks
- Abbott announced a lowering in the screening threshold to A$15M for foreign purchase of agricultural land
- Will apply to the cumulative value of agricultural land owned by the foreign investors
Headlines via MNI