03 May, Canberra
The Australian government has announced tough new punishments for foreigner investors breaking rules on buying property in the country.
The new penalties include up to three years in prison and fine of 100,000 dollars. The Government has also announced foreign buyers who are forced to sell a property will be prevented from profiting from the sale.
The Australian Prime Minister Tony Abbott said he believed there was broad community support for the new measures, arguing there was no doubt that foreign investors who illegally bought existing homes were driving up house prices.