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Australian state doubles taxes for foreign investors in property market

Staff Writer |
Premier of New South Wales (NSW) Gladys Berejiklian announced on Thursday she plans on doubling the taxes that will apply to overseas investors into the property market.

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The move will see the foreign investor surcharge soar from 4 to 8 percent in terms of stamp duty, and see overseas buyers paying 2 percent in land tax, which was 0.75 percent previously.

The move intended was to ensure buying a home was not out of reach for locals, according to Berejiklian, who said in a statement obtained by Xinhua that she believes the housing affordability crisis is a "complex challenge."

"There is no single or overnight solution. I am confident these measures will make a difference and allow us to meet the housing challenge," Berejiklian said.

The plan to slug foreign investors was welcomed by politicians from both sides of the aisle, with NSW Opposition Treasurer Ryan Park suggesting that the ruling government stole the idea from the opposition.

"I have no problems with that (foreign investor tax), we made it first," Park sai

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