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Big reason millionaires are flooding into Australia

https://www.news.com.au/finance/economy/australian-economy/reason-millionaires-are-flooding-into-australia/news-story/4df3f345449e347042b98624e1327148
The article discusses how Australia has become a attractive destination for foreign buyers, particularly those from China, due to weak anti-money laundering (AML) laws and the country's temporary migrant visa program. According to Visual Capitalist, Australia is expected to experience the highest influx of millionaires this year while China will suffer the greatest loss of millionaires. The article highlights how the former Rudd government's decision to allow temporary migrants to purchase established housing has led to a surge in demand for Australian homes and how weak AML laws have made Australia a conduit for money laundering. The author argues that the Albanese government must break the 20-year cycle of avoiding action and implement Tranche 2 AML rules, eliminate the "golden ticket" visa program and ban temporary migrants from purchasing established Australian homes.
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foreign buyers attractive destination Visual Capitalist anti-money laundering article discusses country temporary temporary migrants Australian homes weak anti-money Australia

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