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Tuesday, 19 April 1966

Mr Peters s asked the Treasurer, upon notice -

1.   What is the (a) value and (b) area of the rural lands of Australia owned overseas?

2.   What is the (a) value and (b) area of leaseholds of Australian lands held by overseas interests?

3.   What is the value of real estate in towns and cities of Australia owned overseas?

Mr McMahon - The answer to the honorable member's questions is as follows -

I am informed by the Commonwealth Statistician that it has not been practicable to compile reliable comprehensive statistics relating specifically to overseas investment in Australian real estate. The scope of the survey of overseas investments in Australia conducted regularly by the Statistician includes investment in real estate by investors who register branch offices or incorporate subsidiary companies in Australia. Such branches or subsidiary companies would account for the bulk of oversea investment in Australian real estate. However, because of the diversity of the activities of many of these companies it is not practicable to isolate investment in real estate.

Investment in Australian real estate by individual residents of oversea countries who do not incorporate companies to manage their affairs in Australia is not covered by the Statistician's survey. It would be extremely difficult to cover such investment by normal statistical methods. However, inquiries made from time to time by the Statistician indicate that this type of investment would be much smaller than corporate investment.

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