Petition to toughen FIRB regulations at almost 6,000 signatures

A petition on Change.org to toughen the regulations for foreign investment in Australia has close to 6,000 signatures.

With supporting information from Today Tonight and The Australian, the petition, launched by Simon Hosking, noted that he is unable to purchase property in China, Japan and many emerging economies.

“I am not suggesting no foreign investment, but a more thorough testing of foreign buyers and purchases. Also, a toughening of regulations by the Foreign Investment Review Board,” he writes.

The petition, which will be sent to the executive members of the Foreign Investment Review Board (FIRB), asks for the introduction of more thorough testing of foreign buyers and their purchases, the scrutinising of each purchase for irregularities and the toughening of regulations surrounding foreign investment in Australian properties.

Signed 5,449 times at the time of writing, it is aiming for 10,000 signatures. Update: It is now seeking 25,000 signatures and is just shy of 6,000 in total.

Reaching 5,000 signatures yesterday, Hosking wrote that the demographic in Australia is rapidly changing.

“The Foreign Investment Review Board is either politically unwilling or incapable of defending and protecting the sovereignty of this country. If you observe FIRB's behavior, you definitely notice their stubborn refusal or ineptitude to slow the surge in what “appears” unregulated foreign buying,” he said.

“Clearly, foreign interests are taking advantage of this ineffectual regulatory authority and inadequate policing; leading to gazumping, irregular bidding, laundering cheap offshore funds, fake identities, fraudulent purchasing tactics, etc…Given what we know about the state of the market, and that locals are being priced out, by overseas purchasers. The Foreign Factor is a critical issue. [sic]”

Pointing to limited supply he said that "continue and relentless overseas investment in our market is driving prices higher".

Comments from those signing include fears that future generations will never be able to afford a home, concerns about the sale of arable farming land to offshore buyers and others saying it should be a two way street with the ability to purchase overseas.