Powered by MOMENTUM MEDIA
subscribe to our newsletter

RBA calls for more data from FIRB

The Reserve Bank has recommended that more regular data be provided by the Foreign Investment Review Board on approved property purchases.

In his opening statement to the House of Representatives Standing Committee on Economics Inquiry into Foreign Investment in Residential Real Estate on Friday, RBA assistant governor Christopher Kent prefaced his recommendation by stating that FIRB's main role is to ensure foreign purchases are consistent with the rules, rather than to provide data on the actual level of foreign investment.

“Even so, a case could be made for more timely provision of the approvals data that are already collected by FIRB, perhaps publishing them on a quarterly rather than annual basis,” Mr Kent said.

“Also, more granular data could be provided, such as the number of approvals within broad price brackets rather than just the total value and number of approvals,” he said.

“Beyond that, the benefits of any new reporting requirements in this area should be weighed carefully against the costs of its collection and administration.”

Advertisement
Advertisement

Mr Kent said that while it seems likely that foreign residential purchases have added to net housing demand in Australia, there is no way of knowing the exact extent to which this has been the case.

He added that the information available suggests that foreign residential purchases have probably not had a large direct effect on the price of housing that is typically purchased by first home buyers.

“In the main, foreign buyers appear to be purchasing properties that are typically quite different in their characteristics from those purchased by most first home buyers,” he said.

 

 

PROMOTED CONTENT


RBA calls for more data from FIRB
mortgagebusiness

Latest News

The number of dwellings approved plunged in January but still remained well above last year’s level, according to ABS data. ...

Australians aged 22 and under (Gen Z) are the age group that is most interested in owning a home in future, even though two-fifths believe...

Teachers Mutual Bank Ltd has welcomed new directors to its board and bid farewell to John Kouimanos, who has retired from the board after...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Aggregation group changes

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.