The Property Council has been advocating long-term to government and the Foreign Investment Review Board (FIRB) to improve policy settings to attract overseas capital and make Australia a competitive destination for global investment.
In our pre-Budget submission we advocated for better resourcing at FIRB to reduce time delays associated with foreign investment approvals, as well as creating a ‘trusted investor’ status for those with a proven track record of investing in sectors of critical national importance, like housing.
We also sought to exclude passive or non-controversial real estate from national security screening and legislating the reduction of FIRB application fees on build-to-rent.
Before the Budget the Treasurer Jim Chalmers announced a risk-based approach to the foreign investment framework – the reforms will streamline the FIRB process for trusted investors in non-sensitive areas like housing.
This is a huge win for industry and shows that consistent advocacy pays dividends.
Our focus now turns to a number of important matters raised with us recently, including requirements on entities to undertake an ‘open and transparent sale process’, the costs of securing exemption certificates, and ensuring transparency and communication of timely updates from FIRB officials when working with industry.
The Capital Markets Division will update its members on its ongoing advocacy in this space. Â