The Property Council of Australia has recently welcomed the possibility of a Coalition Government establishing a task force to design a whitelist process for trusted investors as part of Australia’s Foreign Investment Review Board (FIRB) processes, if elected.
The Property Council, as part of its pre-election document, ‘A pro-cities, pro-investment agenda’, has called for changes to be made to the FIRB, including reviewing and streamlining the requirements for FIRB exemption certificates, including application costs, to lessen the regulatory burden for foreign investors delivering housing in Australia.
“Australia competes for global capital and institutional investors seeking stable, risk-adjusted returns.
“While strong demographics and growth are advantages, complex, costly regulations and taxes make investment less competitive. We should welcome other people’s money to build the housing and infrastructure we need.
“Establishing a whitelist for trusted investor partners will enhance investment in our cities and accelerate the delivery of all kinds of commercial, industrial and residential property projects which are the assets our growing cities need.
“Screening is important, and it is equally important that passive or non-controversial investment opportunities should not need to face an extended process that only adds to delay and cost for the end consumer.”
Mike Zorbas, Chief Executive, Property Council of Australia
The Council is also calling for the exclusion of passive or non-controversial commercial real estate investment opportunities from national security screening processes and legislate the exemption of FIRB application fees on purpose-built student accommodation (PBSA) as a priority, to encourage institutional investment in new homes.
