On 16 February 2025, the Government announced that from 1 April 2025, foreign persons (including temporary residents and foreign-owned companies) will be temporarily banned from purchasing established dwellings in Australia unless an exception applies.

The Government also announced that the Australian Taxation Office (ATO) and Treasury will implement an audit program and enhance their compliance approach to target land banking by foreign investors.

The ATO and Treasury will publish updated guidance prior to the commencement of these changes.

Further details, including on the ban and exceptions, can be found in the media release.