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It seems like the Australian government has an opportunity here: pass stringent money laundering laws, go aggressively after those in violation, seize any ill g
by impendia 2y ago
It seems like the Australian government has an opportunity here: pass stringent money laundering laws, go aggressively after those in violation, seize any ill gained foreign-owned properties, and auction them to Australian citizens.
And start charging extremely high property tax rates on any properties which sit vacant for over six months and whose owners are not Australian or are large corporations.
I suppose this is too simplistic for some reason or other, but I'm quite serious: why not do this?
- andrewstuart 2y ago>> why not do this? It's simple. Both the major political parties in Australia WANT this outcome. Most politicians have extensive property portfolios. House prices going to the moon is going to mak them all unbelievably wealthy. Successive governments on both sides have avoided implementing Tranche 2 anti money laundering regulations for decades for the simple reason that the property industry makes vast money from criminal cash, and in Australia the property lobby is extremely influential. Australian politicians don't serve the Australian people, they serve the financial donors, vested interests and themselves.