Australian Treasurer Jim Chalmers meets Singapore Minister of Finance and Deputy Prime Minister Lawrence Wong in Bali. File photo: AFP.
Foreign investment into Australia will become more expensive as the recently elected Labor government looks to shore up finances.
Treasurer Jim Chalmers said there would be an increase in fees and penalties for purchases of property, farms and businesses.
Chalmers said on Friday he is grappling with protracted budget deficits and needs to boost government revenue.
The higher fees are expected to generate an additional A$455 million ($315 million) in revenue over the next four years, Chalmers said.
The treasurer said he continued to back foreign investment in Australia but he had to make the decision due to “the state of the budget we have inherited from our predecessors”.
Chalmers earlier this week warned the country’s economic picture would be “confronting” as the government prepares to release updated economic forecasts to parliament on July 28 to account for faster inflation and rising interest rates.
“Foreign investment fees will continue to make up only a small proportion of total foreign direct investment,” he said in a statement. The new measures will take effect from July 29.
China's dropping of travel curbs resurrected services activity in January for the first time in five…
The China Aerospace Science and Technology Group is to build the $6.53 million stations amid…
The global depositary receipts listing could even see CATL raise $8 billion if market conditions…
The 'special flight permit' from the Civil Aviation Administration of China will allow the Xpeng…
The Paris Club of creditor nations is ready to provide financing assurances for Sri Lanka,…
President Xi Jinping warned this week that China must speed up moves to become self-reliant…