AG’S PROPOSED AML REFORMS WOULD IMPACT HOUSING TRANSACTIONS

April 20th,2023

At a time when the cost-of-living is rapidly rising and housing affordability near record lows, the Attorney General is considering making Australia’s real estate system even more complex and expensive for Australians to navigate.

 

REIA President, Mr Hayden Groves, said that while REIA welcomed input into Australia’s anti-money laundering and counter-terrorism financing regime, he warned that the proposals would increase regulation and cost for very little community benefit.

 

“The Australian Government’s response to the inquiry into the efficacy of Australia’s AML/CTF regime would do nothing for Australian consumers and a comprehensive cost - benefit analysis to support the proposal must be undertaken.

 

“If there are tangible benefits to be had, it is property consumers that will ultimately wear the costs. It was not that long ago when the AFP and AUSTRAC admitted that collecting surveillance information from real estate agents would not provide any additional useful information to track criminal activity.

 

“As if buying a house is not as challenging enough in Australia in 2023, the government wants it to be even more difficult and more expensive for both home buyers and sellers.