Shifting the needle on the housing crisis: will Chalmers’ plan to slug foreign home buyers be enough?

With foreign purchases making up less than 1% of total property transactions, Jim Chalmers’ new plans may not go far enough to address Australia’s housing woes. Photograph: georgeclerk/Getty Images

Jim Chalmers says he hopes to move the housing market “needle” by slapping more fees on foreigners buying homes.

On Sunday the treasurer announced plans to triple fees foreigners pay when buying established homes. Penalties for leaving a property vacant will also double, and the Australian Tax Office will be given more compliance powers and resources.