Tax rises on foreign homebuyers in Australia - FT.com
No, they didn't. And only a politician or a progressive could fail to understand this.
Much more below.
Presumably, when negotiating home sales Australians are just as adept at getting the best sale price as anyone. So, why would the state charging foreign buyers a new stamp duty make the buyer willing to pay more for the home? All this little maneuver did was lower the price the home seller could negotiate by 3%, 4%, or 7%. Feel better about your government folks? They decided that you needed that money less then they did.
"These new measures will ensure NSW’s property market continues to be an attractive destination for international investors while making sure that we are able to fund vital services into the future,” Gladys Berejiklian, NSW treasurer, said in a statement."
Nothing but air masturbation. Using the Lair's proprietary bureaucrat to english translator, "The new measures will ensure NSW more money to hire more staff to inflate our manpower, and budget, thus inflating the agencies power, and prestige, and our pay, power, and prestige into the future."
"NSW estimates the new taxes will raise more than A$1bn (US$735m) over four years, while Queensland estimates its move will raise almost A$100m over the same period."
You New South Whales (sic, heh) need to write those numbers down, and then when actual is nowhere near estimates, you can feel good about deselecting your vacuous politicians.
"A surge of Chinese investment in international property over recent years has provoked a backlash, with new taxes imposed in jurisdictions including Hong Kong and Singapore."
Well, at least you are not alone in Stupidland.
Why would anyone want to stop this? The Chinese come and they inflate the price of homes due to the fact that they come in such large numbers and no place in Australia allows anyone to build homes anymore. After all the Chinese have come, simply open land for development, this will tank the Chinese highly inflated home prices, and allow Australians to repurchase these homes cheap! In the end, you got the big bucks, and the property.
This all happened in the US back when the Japanese were invading in the 1980s. They drove some real estate prices, and business valuations quite high, then Japan, Inc. tanked, they left, and we got the properties back cheap. Seemed like a great deal to me, but still lots of people here caterwauled, kvetched, and blubbered about, "The raps are buying everything, they're gonna' own 'Meraca."