Australia's relaxed foreign investment laws and property policies are wreaking havoc on the nation's small businesses and local communities. The author, Di Jenkins, observes the proliferation of empty commercial spaces in her suburb, a stark reminder of the challenges faced by small businesses. The issue is exacerbated by the presence of non-resident and non-citizen investors who buy properties with no intention of leasing them to viable businesses. This situation is particularly concerning given the high foreign ownership of the mining industry and the sale of Australian real estate to overseas interests. The author questions the impact of these practices on property prices and the well-being of small businesses, which struggle to compete with the high rental prices and lack of support from landlords. The situation is further complicated by the First Home Buyers Assistance scheme, which is accessible to non-Australian citizens, adding to the economic strain on local communities. The author concludes by expressing her concerns about the future of small businesses and the potential loss of Australian interests to foreign ownership.
