Foreign investors who leave their homes vacant will be slugged with a six-fold increase to penalties as the Federal Government seeks to free up more housing stock.

Canberra

Foreign investors to be penalised for leaving homes vacant

So, this goes to fees that are applied to foreign buyers buying homes in Australia. There are already some pretty strict rules around how foreign buyers can buy property in Australia. They are largely barred from buying established homes and they have to have specific visas as well, work or study visas. You can't simply fly into Australia and buy a property as you like. What's going to change here is the fees for foreign buyers with visas buying established homes in particular. That's where it's going to be most significantly hit. There's a fee that's applied at the time of buying the property and there's also a fee applied if that person decides to leave that property vacant. And they're going to be going up quite dramatically. Just as an example, if a person on one of those visas wanted to buy an established home worth about $1.1 million, the fees to buy that home would go up from $28,000 to $84,000 under these changes. And then if they kept that property vacant, the fees would go annually from $28,000 to about $170,000 each and every year. So a very significant impasse there. It is worth keeping one thing in mind, though, and that is that foreign buyers make up a fairly small slice of the Australian residential real estate market. They're about less than 1% of transactions every year going to foreign buyers. So this isn't going to have a dramatic impact, we think, on the property market overnight, but it is going to raise some pretty significant revenue for the federal government. The budget impact here is quite significant. It's worth about half a billion dollars every year to the federal budget if the government can get these changes through Parliament sometime next year. Here's the Treasurer, Jim Chalmers, speaking on this earlier. By increasing the fees for people who leave them vacant off the rental market, then we will raise money for the Commonwealth to invest in our housing agenda and other priorities. And we will also incentivise the building of more new homes, because the tripling of fees applies to established homes, and we'll also incentivise more rental properties coming onto the market by making it more expensive for people to leave them empty. That is a win-win for the housing market, but also for the budget. It helps us raise money to invest in other priorities, including in housing. Miriam, the opposition is a bit sceptical about these changes. Some within the Coalition are arguing that foreign buyers, many will be fairly comfortable in paying these increased fees. It won't be that much of a deterrence to the Australian property market. And they're suggesting perhaps foreign buyers should just be barred from the property market altogether.

The 2024 Paris Olympic Games are officially underway following a spectacular opening ceremony. The city was turned into a stage with an incredible display paying tribute to France's history and culture.

Paris

Paris shines in Olympics opening ceremony

A rainy outdoor ceremony marked the official launch of the 2024 Olympic Games in Paris. The event featured performances from Lady Gaga and Céline Dion as athletes and other performers floated down the iconic Seine River.

Rain soaks Olympics Opening Ceremony

Officials have returned to Jasper, Canada for the first time since a devastating wildfire wiped out a third of the town's properties. The rebuilding process is expected to be slow, leaving residents and businesses unsure about what’s next.

Jasper

Historic Canadian town 'wiped out' by wildfires

Taiwanese authorities are assessing the damage caused by Typhoon Gaemi. The coastguard has been rescuing boats stranded by the tropical storm. The official death toll has risen to eight, with more than 800 people injured.

Taipei

Cargo crew rescued from Typhoon Gaemi

Wildfires are raging from western Canada to California in the U.S. At least a dozen fires are burning across California, with the Park Fire growing to become one of the biggest wildfires ever recorded in California in just two days.

Chico

Uncontrolled fires burn across California

Typhoon Gaemi has made landfall in southeastern China prompting warnings of flash floods and waterlogging in areas still recovering from torrential rain several weeks ago. Authorities relocated more than 290-thousand people.

Tsim Sha Tsui

Climate Crisis

Thousands evacuated in China as Typhoon makes landfall

Mexican drug kingpin Ismael "El Mayo" Zambada and a son of his former partner, Joaquin "El Chapo" Guzman, were arrested on Thursday in El Paso, Texas, in a major coup for U.S. authorities that may also reshape the Mexican criminal landscape.

El Paso

Mexican drug lords arrested in El Paso

Former U.S. President Donald Trump said his relationship with Israeli Prime Minister Benjamin Netanyahu had always been warm as the two leaders met on Friday (July 26), and the Israeli leader said he hoped progress was being made in talks on a Gaza ceasefire.

Palm Beach

Netanyahu meets Trump, says working on cease-fire

A North Korean military intelligence operative has been indicted in a conspiracy to hack into American health care providers, NASA, U.S. military bases and international entities.

Kansas City

North Korean charged in U.S. cyberattacks

Arsonists lighting fires across France's high-speed rail network have disrupted the transport network just hours before the Olympic Opening Ceremony in Paris, however the attacks failed to stop the event from going ahead.

Paris Olympics

France rail network attacked before Olympics

Saboteurs struck France's TGV high-speed train network in a series of pre-dawn attacks that caused chaos on the country's busiest rail lines ahead of the Paris Olympics opening ceremony. There was no immediate claim of responsibility for the attacks, but two security sources said initial suspicions fell on hardline leftist militants or environmental activists.

Saboteurs attack French railways ahead of Olympic ceremony

Typhoon Gaemi pummeled towns on China's coastal Fujian province on Friday with heavy rains and strong winds as the most powerful storm to hit the country this year began its widely watched trek into the populous interior.

Fujian

Typhoon Gaemi lashes China after pounding Taiwan, Philippines

Presidential candidates in Venezuela have held their final campaign rallies ahead of the election on Sunday. Opposition leaders are asking voters to oust President Nicolas Maduro, who's seeking a third term. But Maduro has warned the country risks a "bloodbath" if the opposition wins.

Caracas

Final rallies held ahead of Venezuela presidential election

U.S. Vice President Kamala Harris pressured Israeli Prime Minister Benjamin Netanyahu to help reach a Gaza ceasefire deal that would ease the suffering of Palestinian civilians, striking a tougher tone than President Joe Biden.

Washington

Israel-Gaza War

Harris strikes tougher tone on Gaza ceasefire deal

Dolphins swimming coach Mick Palfrey will remain in Paris for the Olympics, after being criticised for publicly backing South Korean swimmer Kim Woo-min. Swimmer Elijah Winnington has defended the coach saying he's a great guy and there's no hard feelings.

Swim coach spared axe over supporting Korean rival

On the eve of the opening ceremony for the Olympic Games, security in Paris is tight and athletes are navigating the risks. More than a million people have undergone screening to access the site of the Opening Ceremony.

Athletes navigate security risks at Paris 2024

Typhoon Gaemi has reached southeastern China after churning across the Taiwan Strait. The typhoon has prompted warnings of swelling rivers, flash floods, and waterlogging in cities and provinces that were hit by extreme rains several weeks ago.

Typhoon Gaemi hits China after pounding Taiwan, Philippines

The Olympic Games are set to officially open on Friday (July 25), with the French government pledging an "unprecedented" security operation to ensure the safety of the event. A force of 35,000 to 45,000 security personnel will be deployed, including 15,000 French military members and over 2,000 foreign police officers.

Major security operation in place to guard Paris Olympics

U.S. President Joe Biden pressed for a ceasefire to the 9-month-old war in Gaza in talks with Israeli Prime Minister Benjamin Netanyahu on Thursday (July 25), with Vice President Kamala Harris due to meet the Israeli leader later in the day.

Biden meets with Netanyahu, presses for ceasefire in Gaza

Counterterrorism officers are investigating after a man was allegedly found with chemical explosives and a knife at a Sydney shopping centre. Police moved in after shoppers heard a loud blast at Miranda Westfield.

Miranda

Man with knife and explosives arrested at Westfield

The Prime Minister is set to unveil a new Cabinet line-up after two senior members announced today they're retiring from politics. Minister for Indigenous Australians Linda Burney and Brendan O'Connor will move to the backbench.

Prime Minister set to reveal cabinet reshuffle

A limited curfew is still in place in Bangladesh after days of protests and a police crackdown. Some businesses and government offices are reopening, and partial internet service is being restored in some areas. Police have arrested more than 2,000 people. The United Nations has demanded an investigation of the Bangladeshi government's crackdown on student protesters.

Dhaka

UN demands investigation of Bangladesh's crackdown on protesters

President Joe Biden on Wednesday said abandoning his reelection campaign and endorsing his vice president, Kamala Harris, as the Democratic candidate was the best way to unite the country and save democracy, despite his ambition to win a second term.

U.S. Presidential Election

Biden says he bowed out to unite nation, backs Harris to beat Trump

On the eve of the Olympics the city of Paris is getting ready to put on a show For the next two and a half weeks the competition will unfold in some of the capital's most iconic sites all prepped for the occasion, while thousands of miles away the French Polynesian island of Tahiti is also getting ready to host the surfing events.

From Paris to Polynesia, final Olympic preparations underway

Thousands of people gathered in North Carolina for Donald Trump's first rally since Joe Biden pulled out of the race. It’s a key battleground state for both sides and the Republican nominee wasted no time in going on the attack against his likely opponent in November, Kamala Harris.

North Carolina

Trump slams Harris as ‘radical’ in first rally since Biden’s exit

In a fiery speech to the U.S. Congress skipped by some top Democrats, Israeli Prime Minister Benjamin Netanyahu slammed critics of his country’s war against Hamas as ‘useful idiots’ for Iran, and said America and Israel must stand together.

Netanyahu blasts Gaza war critics, Iran in fiery speech to U.S. Congress

A passenger plane has crashed and caught fire shortly after taking off from Nepal's capital, Kathmandu, killing 18 people, aviation officials say. The pilot was the only survivor of the crash and was treated in hospital.

Kathmandu

Nepal plane crash kills 18; pilot only survivor

Heavy rain from Typhoon Gaemi has flooded the Philippine capital Manila and nearby cities, forcing authorities to shut schools, offices and cancel flights and declare a state of calamity in a region that is home to 13 million people.

Manila

Typhoon Gaemi brings heavy rain to Manila, forcing evacuation

Israeli Prime Minister Benjamin Netanyahu told families of hostages held in Gaza that a deal that would secure their loved ones' release could be nearing, his office said.

Netanyahu in U.S. says hostage deal may come soon

U.S. Vice-President Kamala Harris told cheering supporters in Wisconsin she now has enough delegates to secure the Democratic Party nomination and take on Donald Trump. Meanwhile, campaign donations have shot past $100M in the two days since she entered the presidential race.