Australia's relaxed foreign investment laws and property market dynamics are causing a chilling effect on small businesses and local economies. The author, Di Jenkins, observes the proliferation of empty commercial spaces in her suburb, a stark reminder of the challenges faced by small businesses. The issue stems from overseas investors buying commercial properties and refusing to lease them to local tenants, often to avoid the responsibilities of running a business. This behavior is driven by the desire for Australian citizenship and access to prestige residential titles, despite the lack of a citizenship-by-investment model. The author questions the extent of foreign ownership in Australian real estate, highlighting the mining industry's 86% foreign ownership rate and the sale of islands and farms to overseas interests. The situation is exacerbated by the First Home Buyers Assistance scheme, which allows non-Australian residents to access it, further straining the housing market and small businesses' survival. Jenkins concludes by emphasizing the need for a reevaluation of foreign investment policies to protect local businesses and ensure a sustainable economic future for Australia.
