Australia to Ban Foreigners From Buying Some Homes as Costs Soar
(Bloomberg) -- Australia's government will ban foreign investors from buying established houses for the next two years as part of an election pitch to tackle surging home prices.
Progressive Portland Plots a Comeback
Why American Mobility Ground to a Halt
How to Build a Neurodiverse City
SpaceX Bid to Turn Texas Starbase Into City Is Set for Vote in May
A Filmmaker's Surreal Journey Into His Own Private Winnipeg
From April 1, foreign investors will be banned from buying established property until March 31, 2027, Housing Minister Clare O'Neil said in a statement Sunday. The restriction will then be reviewed to determine whether it should be extended.
Australia's housing is some of the most unaffordable in the world and soaring property prices will be a key election issue amid a broader cost-of-living crisis, especially among young voters who fear they'll never be able to buy a home.
In Sydney, housing values have jumped almost 70% over the past 10 years, with the median dwelling price now around A$1.2 million ($762,000), according to property consultancy CoreLogic Inc. Rents have also been climbing.
Still, the ban is likely to have only a marginal effect on prices. Overseas investors bought A$4.9 billion of residential real estate — including vacant land, new and established dwellings — in the 12 months ended June 30, 2023, according to the Australian Taxation Office. Established dwellings accounted for about one third of the total.
The tax office will be given extra funding to help enforce the ban, O'Neil said Sunday.
The government's move to ban foreign purchases of established houses matches a pledge by opposition leader Peter Dutton made last year. An election must be held by May 17, and polls show it will be a close fight, with cost-of-living concerns and housing among the top three issues.
The Undocumented Workers Who Helped Build Elon Musk's Texas Gigafactory
The Unicorn Boom Is Over, and Startups Are Getting Desperate
The NBA Has Fallen Into an Efficiency Trap
Japan Perfected 7-Eleven. Why Can't the US Get It Right?
How Silicon Valley Swung From Obama to Trump
©2025 Bloomberg L.P.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New York Post
39 minutes ago
- New York Post
AMC Theatres announce shocking change that people aren't thrilled about: ‘That's already excessive'
Moviegoers at AMC Theatres are in for a rude awakening starting next month. A few commercials and coming attractions before a movie begins are expected — however, soon enough, AMC Theatres will be delaying the start times of movies even more. On July 1, AMC Theatres — the largest theatre chain in the U.S. and Europe — will be adding one additional commercial on top of the many that they already play after upcoming movie trailers and before the start of a movie. Advertisement Buckle up moviegoers — you're in for a long ride before your movie even begins, starting next month. Christopher Sadowski And people are not happy about this news. The news comes as part of a new deal with American cinema advertising company National CineMedia Inc., according to Bloomberg. Advertisement It's an opportunity for AMC to make some dough — as the movie theater chain will get a cut of the ad sales, as reported on by the outlet. 'While AMC was initially reluctant to bring this to our theaters, our competitors have fully participated for more than five years without any direct impact to their attendance,' AMC said in a statement, according to The Hollywood Reporter. 'This is a strong indication that this NCM pre-show initiative does not negatively influence moviegoing habits.' Advertisement The deal is a win-win for both AMC and NCM, as it serves as an opportunity for each company to earn back some of the revenue they lost during the pandemic, when all theatres were shut down. 'For the past five years, AMC has sought out crucial revenue that is not reliant on the increase of base ticket prices,' said an AMC rep in a statement to Deadline. 'We've done this through more and better moviegoing enhancements like our significant expansion of PLFs, a greater selection of food and beverage offerings, and the introduction of movie-going merchandise like popcorn buckets and other collectible concession vessels,' the statement explained. Although this news isn't the end of the world — and frankly, could be worse — people on X (formerly Twitter) are acting like it is. Advertisement 'I show up to every movie 30 minutes after the 'start time', and it is always exactly as the movie is starting. That's already excessive,' said one person. 'How could they possibly run more?' a grumpy X user wrote. 'Gee, great! So, more people will arrive 30 minutes after 'start' time and climb over people in the dark, at the beginning of a film, to avoid the trailers and additional ads! This is why I treasure my aisle seat. I will be arriving much later now,' quipped someone else. 'Glad my area only has Regals,' commented another unhappy person.
Newsweek
an hour ago
- Newsweek
Zelensky Addresses 'Complicated' Aftermath of Oval Office Blowup With Trump
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Ukrainian President Volodymyr Zelensky in an interview that aired on Sunday revealed the difficulty that followed the high-profile blowup between himself and President Donald Trump in the Oval Office in late February. Zelensky, speaking with ABC News' Martha Raddatz in Ukraine, described the situation as "quite complicated" as he had to try and repair relations with his American counterpart. "It's important that I defend my position and I was trying to do that in the Oval Office," he said. Why It Matters Trump had said he would end the conflict in Ukraine within 24 hours of retaking office, but later he admitted that the situation was fairly complicated, at times saying that Ukraine is "more difficult, frankly, to deal with." Trump also said he worried Russian President Vladimir Putin may be trying to drag out peace negotiations while pressing on with the war that began in February 2022. The lack of progress has prompted Trump to start taking a more laid-back approach to the conflict, best encapsulated last week when he compared the warring nations to "young children fighting like a park." "You try to pull them apart and they don't want to be pulled apart," he said. "Sometimes you have to let them fight for a while." Ukraine's President Volodymyr Zelensky speaks to the media in Kyiv on May 19. Ukraine's President Volodymyr Zelensky speaks to the media in Kyiv on May 19. Sergei Supinsky/AFP via Getty Images What To Know Trump and Zelensky had a falling out on February 28 when the Ukrainian leader visited the White House to sign a deal that would grant the U.S. access to his country's vast mineral reserves in a move the U.S. assured would create strong economic ties and deepen the threat to Russia continuing to escalate the conflict. In the now-famous exchange, Zelensky asked about the value of deals when Putin had broken previously agreed upon ones, which in turn provoked an angry response from Trump and Vice President JD Vance. Trump declared that Zelensky had "no cards" to play in the conflict and needed the U.S. to have any chance of survival. Speaking with Raddatz on Sunday through a translator, Zelensky maintained the need to defend his position and to stand up for his people. "We all saw that Oval Office, chaotic, disastrous meeting. I know after that meeting, you tried to repair that relationship. Tell us what it was like in the aftermath," Raddatz said. "It's quite complicated. You could watch it live, and it was very clear and very straightforward," Zelensky said. "I used to remind everyone: Cameras don't lie. Everybody could see on their television screens. I think the result of that meeting, I was very honest and open when I said that a small country is fighting for its life against the giant with all that evil they brought with their army and weapons to our land." He added: "Six hundred and thirty-one children lost their lives. For some, those are numbers, but for me, it's important that I defend my position and I was trying to do that in the Oval Office." President Donald Trump and Vice President JD Vance meet with Ukrainian President Volodymyr Zelensky in the Oval Office at the White House on February 28 in Washington, D.C. President Donald Trump and Vice President JD Vance meet with Ukrainian President Volodymyr Zelensky in the Oval Office at the White House on February 28 in Washington, pair would not speak directly again until they came face-to-face two months later at the funeral of Pope Francis in late April. Photos from that meeting show the two presidents sitting in close and isolated conversation. Zelensky said Sunday that following that meeting, he would "like to believe that the relationship has changed for the better," but added, "I don't know for sure. I can't give you 100 percent guarantee." The Ukrainian president also said he would like to speak more with Trump, but that other people "communicate with the president more than me and they deliver different messages to him." However, continuing to work with the U.S. proves vital for the Ukrainian leader, who said he is "convinced that the president of the United States has all the powers and enough leverage to unite European leaders," whom he said are "all looking at President Trump as a leader for the free world, a free democratic world and they are waiting for him, so he has to do it. He must." Zelensky also addressed the potential end of U.S. military aid, saying once again, as he has so often in the past year, that "without it, there is a greater chance Russia will win and Ukraine will suffer much more loss of life, much more." Ukraine's President Volodymyr Zelensky meets with President Donald Trump during Pope Francis' funeral at St. Peter's Basilica at the Vatican on April 26. Ukraine's President Volodymyr Zelensky meets with President Donald Trump during Pope Francis' funeral at St. Peter's Basilica at the Vatican on April 26. Office of the President of Ukraine via Getty Images What People Are Saying John Foreman, former United Kingdom defense attache to Moscow and Kyiv, previously told Newsweek: "[Trump's] statement that the U.S. is backing away from being a mediator shows his instinct for self-preservation having failed to deliver peace as he promised. We shouldn't be surprised. Trump has consistently used carrots rather than sticks. It is clear he values a relationship with Russia, and an odd friendship with Putin, over Ukraine." Secretary of State Marco Rubio told U.S. lawmakers last month: "What the president is trying to do is end...a bloody, costly war that neither side can win," adding Putin "hasn't gotten a single concession, he hasn't got a single sanction lifted." What Happens Next As Russia and Ukraine continue to attack each other, the prospect of successful peace talks remain distant. Meanwhile, a bipartisan sanctions bill is already awaiting approval in the U.S. Congress, which lawmakers hope could add pressure to Putin.
New York Post
an hour ago
- New York Post
Zohran Mamdani urges boycott of Cornell school with ties to Israel
Far-left mayoral candidate Zohran Mamdani has said Cornell Tech on Roosevelt Island should be boycotted because of its partnership with an Israel-based school — a stance blasted as 'blatant antisemitism.'' 'There are ways to make what seems to be an international battle into a local one,' the Democratic socialist said on a 'Talking Palestine' podcast with Sumaya Awad shortly after getting elected to the state assembly in 2020. 'If you were to look at the lens of BDS [Boycott, Divestment and Sanctions] and how it applies here in New York City, you would say that Cornell-Technion is something you would be talking about,' Mamdani said of the Roosevelt Island college, which is partnered with Technion University in Israel and is also referred to as the Jacobs Technion-Cornell Institute. Advertisement 3 Far-left mayoral candidate Zohran Mamdani has said Cornell Tech on Roosevelt Island should be boycotted because of its partnership with an Israel-based school. Adalah Justice Project 'Technion University is an Israeli University that has helped to develop a lot of weapons technology used by the IDF [Israel Defense Force],' said Mamdani, as he voiced support for economic boycotts against Israel. Mamdani — who also recounted how he co-founded the Students for Justice in Palestine chapter at Bowdoin College when he attended the school — said a boycott campaign would scrutinize any government funds that Cornell-Technion received. 'I'm sure that if we look close enough, there are either municipal subsidies or state subsidies granted to a project such as this on Roosevelt Island,' Mamdani said. Advertisement The Roosevelt venture is a pet project of former Mayor Mike Bloomberg, who conducted a worldwide competitive bidding process to operate the sciences and engineering campus. Cornell won the bid and opened the joint campus in September 2017, paving the way for such things as shared programs and professors. 3 Mamdani said a boycott campaign would scrutinize any government funds that Cornell-Technion received. picture alliance via Getty Images Advertisement A former Bloomberg staffer told The Post it's outrageous that Mamdani would push going after Cornell's partnership with Technion. 'Zohran Mamdani spends his days attacking Donald Trump, but it seems he's really a fanboy,' said Mark Botnick, former City Hall aide during Bloomberg's mayoralty. 'His call to defund Cornell Tech over its ties to the Technion is a page straight out of the Trump playbook,' said Botnick — as the president targets Harvard and other universities over policies he opposes. Advertisement 'If Mamdani is so eager to sever connections with Israeli institutions, is he also planning to boycott and deny New Yorkers' access to the myriad of lifesaving treatments and technologies developed by Israeli institutions?' the former Bloomberg aide said. 'Given his blatant antisemitism, he just might.' Other boosters of Cornell Tech also rapped Mamdani's targeting of the campus for a boycott. 'It is frightening to think that a mayoral candidate could be either so naive or so bigoted that they would question public funding for a school that has contributed so much to the growth of our city's technology sector because it is a partnership with the legendary Technion Institute of Israel,' said Kathryn Wylde, CEO of the Partnership for New York City. Wylde served on the advisory committee that helped bring the Cornell Tech campus to Roosevelt Island. 3 'Technion University is an Israeli University that has helped to develop a lot of weapons technology used by the IDF [Israel Defense Force],' said Mamdani. Getty Images Mamdani, 33, who is running second in the Democratic mayoral primary to ex-Gov. Andrew Cuomo, is a Palestinian rights activist and a staunch foe of Israel. Last week, during and after a mayoral debate, he refused to recognize Israel's right to exist as a Jewish state. Advertisement A Mamdani campaign rep did not dispute the candidate's comments eyeing a boycott of Cornell over its Israel ties. 'Zohran has been clear and consistent: his focus is lowering the cost of living and delivering a safer city for every single New Yorker. That's what this campaign has been about and it is how he will govern as mayor,' the Mamdani spokesman Told the Post. Early voting for the June 24 mayoral primary begins this Saturday, June 14.
