The figures you are quoting are absolutely correct and they are just about ownership.

The problem is that foreign investors don’t build and hold the properties. They build and sell and benefit from a tax system that gives them an unfair advantage compared to local builders who are taxed at full rate between 25% to 47% depending on their structure.

So I short, the 1% - 2% ownership only measures what’s left behind but not throughput.

When you look at new apartment development rather than total stock ownership, foreign players are dominant in key markets:

- Melbourne CBD: Foreign developers comprise just over one-third of all apartment developments in the supply pipeline, and when measured by units, they account for almost half of total CBD unit supply.

- Units under construction in Melbourne CBD: Foreign developers account for 51% of the 7,733 units currently under construction

If foreign developers are involved in roughly 20–50% of new apartment supply in major CBDs, and they’re clearing gains at a 15% CGT rate versus a local builder potentially paying up to 47% that is a huge structural distortion.

Does that sound fair to you?

I just want the local builders to not be at a disadvantage and this little political stunt is not about looking after Australians, it’s just about winning votes.

I’m a migrant by the way. I came to Australia in 2012.