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The federal government has been urged to cut red tape to make it easier for foreigners to buy real estate.
The Property Council of Australia told the Financial System Inquiry that this would reduce “artificial barriers” to investment.
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“The Foreign Investment Review Board (FIRB) is currently forced to review all commercial investments even when the property has no national interest element,” the submission said.
“This delays investment decisions, increases administrative costs for government and impacts industry’s ability to finance and deliver projects.”
The council warned that investment proposals would increase due to the growing popularity of special visas for high net worth investors.
It advised the government to introduce an automatic approval process for commercial investment applications that have no national interest issues.
The Property Council also advised the government to clarify which types of investment were contrary to the national interest.
“Although the FIRB has made considerable inroads to reduce approval times, the system can be streamlined further,” the council said.
“Any reforms that strip out unnecessary red tape will shorten delays and help investors make timely investment decisions.”
