Australian property is the “lucky laundry” for dirty money

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Michael West is among the few commentators willing to call out the billions of dollars of laundered money ploughed into Australia’s property market, contributing to the current affordability crisis:

As mainstream media, particularly Nine, is funded by property ads, we don’t see many stories about money laundering.

But money-laundering – often wealthy foreign buyers parking money in Australian property – has been booming for years. That is despite promises made 17 years ago that accountants, lawyers and property developers would become subject to Anti Money Laundering-Counter Terrorism Financial (AML-CTF) laws as banks and casinos are…

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.