Foreign investment report postponedThe Treasurer has granted the House of Representatives Economics Committee an extension to the reporting deadline for its inquiry into foreign investment in residential real estate. The committee will now report by no later than 28 November 2014.In recent weeks news reports have indicated that the Inquiry will recommend tougher penalties for those flouting Australia’s tough foreign investment rules and the introduction of a fee for applications to FIRB.The Chair of the Committee, Ms Kelly O’Dwyer MP, said that the committee had written to the Treasurer requesting this extension due to a number of outstanding issues that are central to its deliberations in preparing a final report.These include pending answers to questions from a number of witnesses, consultations with the States and Territories regarding their transfer of property registers and legal advice on Australia’s international obligations.The Committee was originally required to report by 10 October 2014.
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