Coalition Leads Investigation Into Recent Offshore Farm Investment

TONY Abbott is leading an investigation into foreign ownership of Australian property particularly farms), after a wave of complaints from agents and farmers that the current rules for offshore investors is resulting in much of the country being sold unbeknownst to the Foreign Investment Review Board.

The federal coalition announced the decision on Thursday (June 20) after calls from the Liberals, Nationals and the Greens for new rules to curb farm purchasers by offshore investors.

The Australian newspaper has recently reported a swag of foreign investors quietly snapping up major Australian properties. Buyers include China’s largest coal producer Shenhua and the Qatar  government.

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Federal Government’s Beleagured NRAS Suffers Another Setback

THE federal government’s ailing National Rental Affordability Scheme has suffered a convenient setback.

The $623 million initiative – introduced by Kevin Rudd in 2008, and then part-cut by Julia Gillard and Wayne Swan in recent budgets – has lost another private sector backer which was to have provided 255 affordable housing units in Coburg.

Developer Hamton, with joint venture partner Macquarie Real Estate Investment Equity Fund, has quietly rescheduled the start date of its contentious Coburg High School redevelopment – Circa (artist impression, above).

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