Tax hikes for foreigners investing in Aussie homes

Foreign investors will be slugged with higher fees and steeper penalties for buying existing homes and leaving them empty as the government aims to address housing affordability. The federal government on Sunday announced new rules tripling taxes for foreigners who buy existing houses in Australia and a doubling in fees for those who leave dwellings vacant. Through these changes, the government is estimated to raise about half a billion dollars. The new rules would also encourage foreign buyers to invest in new housing developments and encourage them to make their unused properties available to renters, Treasurer Jim Chalmers said. “It’s about boosting housing stock and getting more homes onto the rental market,” he told Sky News on Sunday....