The Australian government is increasing fees for foreign investors planning to buy assets in the country.

Under the new regulations implemented by treasurer Jim Chalmers, the government expects to receive A$455m (€310m) in extra fees over the next four years.

Chalmers blamed a rise in national debt to A$1trn, incurred under the previous government, for the need to lift fees and penalties on foreign investors.

The higher fees apply across residential, agricultural and commercial assets transactions with the applicable fees rise through a number of tiers ­according to the size of the ­proposed investment. Penalties will be increased separately in future legislation.

“Decisions like this are made necessary by the state of the budget we have inherited from our predecessors,” he said. “We will always put Australian interests first. That means ensuring Australians benefit from foreign investment in Australia.”

Chalmers said the fee constant for the acquisition of residential land is A$1m, agricultural land is A$2m, and commercial land is A$50m.

“The Albanese Labor Government is delivering on its election commitment to increase foreign investment fees and penalties,” Chalmers said.

Chalmers said Australia welcomed foreign investment because it played a crucial role in Australia’s economic success and would continue to be important into the future.“

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