Key events
Purchases of Australian property by overseas investors have plunged after the government announced a ban on foreigners buying Australian homes, Australian Associated Press reports.
The number of investment approvals fell by more than ۲۲% to ۵۲۸۴ in ۲۰۲۴/۲۵, the Productivity Commission found in its annual trade and assistance review.
The decrease was almost entirely attributable to the fall in residential real estate approvals, it said.
In the May budget, the Albanese government extended the ban on foreign purchases of existing homes by two years and three months until June ۲۰۲۹.
But with the ban not coming into force until April ۲۰۲۵, the Productivity Commission said the full impact would not be seen until the next financial year.
The value of foreign investment into Australia still grew by ۳۲% to $۲۵۶.۴bn in ۲۰۲۴/۲۵ with commercial approvals accounting for ۹۸% of the total value.
The figures came as parliament passed legislation ensuring foreign residents also had to pay a ۳۰% tax on capital gains.
The laws included an amendment initiated by the crossbench extending a ۱۵% capital gains tax concession for foreign investors in renewable energy projects by an extra ۱۰ years, so as not to discourage investment in Australia’s energy transition.
“After consulting with stakeholders, we’re providing a concessional period for these investments to ۲۰۴۰ to more closely align with the investment horizons typical of renewable energy projects,” treasurer Jim Chalmers said in a statement.
Albanese brands AFL’s initial response to Swans scandal ‘completely unacceptable’
Sarah Basford Canales
Anthony Albanese says the AFL “certainly needs to do better” after an alleged sexual assault that occurred at a hotel in Melbourne early on Monday morning.
Asked on ABC’s ۷.۳۰ about the incident, the prime minister said:
“The first message that I would say is that our thoughts are with the women involved, and that every woman and every girl has the right to feel safe in any environment, and clearly there are issues that are now before the police investigation.”
Albanese, who was once a board director for the NRL’s South Sydney Rabbitohs, said the AFL’s initial response to the incident was “completely unacceptable” and needs “to do better”.
He compared it to the NRL’s no-fault stand-down clause, which suspends players from playing matches immediately after they face serious criminal charges and before any court proves their guilt.
Victoria police have said they are investigating an alleged sexual assault at the Pullman Hotel in Melbourne. Swans’ men’s players Isaac Heeney, Chad Warner, Nick Blakey, Riley Bice and James Jordon were stood down for the rest of the season on Wednesday for breaching club standards. None of the players stood down for breaching club standards have been arrested or charged with any offences.
Sarah Basford Canales
Anthony Albanese has said he should not have appeared on a podcast where he engaged in a joke about the Japanese prime minister’s gift to him of melons.
During an appearance on the comedy podcast Bush Deep last month, the prime minister explained that Japan’s leader, Sanae Takaichi, offered him royal Japanese melons and appeared to make hand gestures in front of his chest, saying “she brought two, as you do”. Host Nikki Osborne joked: “She came in looking like Pamela Anderson.”
The appearance sparked a furore in sections of the media over the apparent sexual innuendo. He later apologised for “elements of the podcast”.
In an interview with ABC’s ۷.۳۰ last night, Albanese was asked what he learned from the experience. He said:
“I learned that I need to do better every day, and of course, if I had my time again, which you don’t, then I wouldn’t have done that podcast. You know, we have a view which is [we’re] trying to talk to as many people as possible, but clearly that was an error.”
Welcome
Good morning and welcome to our live news blog. I’m Martin Farrer with the top overnight stories and then it will be Nick Visser with the main action.
The prime minister, Anthony Albanese, has branded the AFL’s initial response to the Sydney Swans scandal “completely unacceptable”. He also said he should not have appeared on a podcast where he engaged in a joke about the Japanese prime minister’s gift of melons. More coming up.
Purchases of Australian property by overseas investors have plunged after the government announced a ban on foreigners buying Australian homes. More details soon.
