How the Real Estate Board of Australia (RBA) got rid of an industry they knew nothing about
Posted January 09, 2020 09:01:28The RBA is the Federal Reserve’s official regulator of the real estate industry.
The agency oversees a range of measures including foreign ownership, foreign real estate lending, foreign land sales, and foreign equity investments.
But when the RBA’s chief economist, Anthony Atkinson, told a senate committee last week that he knew nothing at all about foreign real property ownership, the ABC reported that the Australian Securities and Investments Commission (ASIC) was investigating.
“The RBS has been a major player in the global real estate market,” Atkinson said.
“We know of a number of large and established Australian property companies that have been operating for years without being registered in the RBS register.”