Australia's relaxed foreign investment laws are leaving a trail of abandoned retail stores and struggling small businesses in their wake. The author, Di Jenkins, observes the chilling effect of these laws on her local community, where empty shopfronts and shuttered businesses are becoming the norm. The issue is particularly acute in the commercial sector, where nonresident and non-citizen investors are buying up properties and refusing to lease them to local businesses. This is exacerbated by the fact that small businesses often cannot afford the high rental prices or the repairs needed to keep their spaces viable. The author argues that this situation is a result of a loophole in the foreign investment laws, where investors can buy into an Australian business without actually having to operate one. This has led to a proliferation of empty commercial spaces, which are being left to languish while the small businesses that could occupy them struggle to survive. The author also highlights the impact of this on residential property, where the proliferation of For Sale signs is a stark contrast to the For Lease signs in commercial zones. The author laments the loss of small businesses and the impact this has on the local community, including the loss of jobs and the erosion of the nation's small business culture. The author also criticizes the First Home Buyers Assistance scheme, which is accessible to non-Australian investors, further exacerbating the housing crisis. The author concludes by calling for a re-evaluation of Australia's foreign investment laws and a focus on supporting local businesses and the housing market.
