Australia to double foreign investment fees, penalties

Australia will double the fees for foreign investors looking to buy assets in the country, Treasurer Jim Chalmers said on Friday, as he grapples with protracted budget deficits and seeks to boost government revenue.

Chalmers said he continued to back foreign investment in Australia but he had to make the decision due to “the state of the budget we have inherited from our predecessors.” Chalmers earlier this week warned the country’s economic picture would be “confronting” as the government prepares to release updated economic forecasts to parliament on July 28 to account for faster inflation and rising interest rates.

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