AGL 40.14 Increased By ▲ 0.14 (0.35%)
AIRLINK 132.25 Increased By ▲ 2.72 (2.1%)
BOP 6.87 Increased By ▲ 0.19 (2.84%)
CNERGY 4.53 Decreased By ▼ -0.10 (-2.16%)
DCL 8.90 Decreased By ▼ -0.04 (-0.45%)
DFML 42.40 Increased By ▲ 0.71 (1.7%)
DGKC 84.00 Increased By ▲ 0.23 (0.27%)
FCCL 32.90 Increased By ▲ 0.13 (0.4%)
FFBL 76.70 Increased By ▲ 1.23 (1.63%)
FFL 12.09 Increased By ▲ 0.62 (5.41%)
HUBC 109.75 Decreased By ▼ -0.80 (-0.72%)
HUMNL 14.38 Decreased By ▼ -0.18 (-1.24%)
KEL 5.49 Increased By ▲ 0.10 (1.86%)
KOSM 8.23 Decreased By ▼ -0.17 (-2.02%)
MLCF 39.22 Decreased By ▼ -0.57 (-1.43%)
NBP 64.51 Increased By ▲ 4.22 (7%)
OGDC 198.35 Decreased By ▼ -1.31 (-0.66%)
PAEL 25.75 Decreased By ▼ -0.90 (-3.38%)
PIBTL 7.62 Decreased By ▼ -0.04 (-0.52%)
PPL 159.20 Increased By ▲ 1.28 (0.81%)
PRL 26.24 Decreased By ▼ -0.49 (-1.83%)
PTC 18.22 Decreased By ▼ -0.24 (-1.3%)
SEARL 82.00 Decreased By ▼ -0.44 (-0.53%)
TELE 8.10 Decreased By ▼ -0.21 (-2.53%)
TOMCL 34.40 Decreased By ▼ -0.11 (-0.32%)
TPLP 8.82 Decreased By ▼ -0.24 (-2.65%)
TREET 16.88 Decreased By ▼ -0.59 (-3.38%)
TRG 59.04 Decreased By ▼ -2.28 (-3.72%)
UNITY 27.55 Increased By ▲ 0.12 (0.44%)
WTL 1.41 Increased By ▲ 0.03 (2.17%)
BR100 10,629 Increased By 222.5 (2.14%)
BR30 31,915 Increased By 201.2 (0.63%)
KSE100 98,865 Increased By 1536.6 (1.58%)
KSE30 30,759 Increased By 566.2 (1.88%)

Australia's south-eastern state of Victoria, home to the city of Melbourne, will more than double property taxes for foreign buyers and treble royalties from coal, the government has announced. The hike in stamp duty on residential properties purchased by foreigners appears to run counter to a warning earlier in the month from the central bank that recent rapid rises in property prices could stall if international demand, particularly from China, slipped.
China is Australia's largest source of foreign property investment, according to the most recent annual report from Australia's Foreign Investment Review Board.
The stamp duty will rise to 7 percent from 3 percent from July 1, Victoria's treasurer Tim Pallas said in a statement outlining state budget measures on Friday.
"It's only fair that foreign buyers of residential real estate, who enjoy the capital growth as a result of Victoria's liveability and the amenity of our cities, contribute to the maintenance of government services and infrastructure," he said.

Copyright Reuters, 2016

Comments

Comments are closed.