Overseas Investment (Build-to-rent and Similar Rental Developments) Amendment Bill

Members, we come now to our final debate, clauses 1 to 3. This is debate on clauses 1 to 3 “Title”, “Commencement”, and “Principal Act”. The question is—

💬 Dr Lawrence Xu-Nan: Mr Chair.

CHAIRPERSON (Greg O’Connor): Oh, sorry—just in time. Dr Lawrence Xu-Nan.

Mr Chair, I just have a really short question for the Minister. Minister, you mentioned something before about something being implemented in three months—I didn’t quite catch that. I’m just referring to the commencement date. When this comes into effect, after Royal assent, does the Minister already have people expressing interest in this and able to then apply for this immediately, or is there going to be a period of transition?

I think I might have said in relation to three, four years, maybe in relation to Mr McAnulty’s point about coming back to it if we needed to. I don’t think I said three months. I stand corrected if I’m wrong. No. I mean there’s quite a bit of interest from the build-to-rent sector out there about this—quite a bit of support for it. But there has to be a commencement date and the bill was first introduced in, from memory, December 2023—it might have ended up in February. It’s been through quite a long process. People know it’s coming. The Act’s got to come into effect at some point, and the day after it receives Royal assent’s as good as any, so that’s what it is.

Madam Speaker, the committee has considered the Overseas Investment (Build-to-rent and Similar Rental Developments) Amendment Bill and reports it without amendment. I move, That the report be adopted.

Motion agreed to.

Report adopted.