Australia's New South Wales increases foreign homebuyer duties from 8% to 9% and owner land tax from 4% to 5% to address the housing crisis.

Australia's New South Wales will increase duties on foreign homebuyers, lifting the foreign purchaser surcharge to 9% from 8% and the owner land tax duty for overseas buyers to 5% from 4%. These changes are expected to return A$1.68bn ($1.1bn) over the next four years, directed towards addressing the housing crisis. State Treasurer Daniel Mookhey stated that these are modest adjustments in response to a severe housing crisis.

June 15, 2024
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