The Coalition said its plan comes in response to a 6% decline in labour productivity since Labor took office, which has resulted in Australians working harder just to maintain their standard of living.
He warned that Australia is now among the worst productivity performers in the Organisation for Economic Co-operation and Development (OECD).
“This is simply not good enough. Productivity and better government are essential to strong economic management. Without productivity, we cannot manage the economy well and will not sustainably beat inflation,” said Mr Taylor.
The Coalition wants to establish a taskforce to design a white list process for trusted investors from Quad (Australia, US, Japan and India), Five Eyes (Australia, US, UK, Canada and NZ) nations.
The goal is to streamline the FIRB approval process by reducing paperwork, processing delays, and unnecessary fees for investors with a clean track record.
“This is about smarter screening, not weaker oversight – a faster yes and a faster no – ensuring we focus resources where they are needed most while fast-tracking responsible investment,” Mr Taylor said.
“If you are an investor with a clean bill of health and a strong track record from a trusted partner nation, approvals will be faster, easier, and more predictable because investment certainty drives jobs, growth, and will lead to greater productivity gains.”
The Property Council of Australia welcomed the proposal, with Chief Executive Mike Zorbas stating that a whitelist would eliminate unnecessary red tape and make Australia a more attractive destination for global capital.
“Australia competes for global capital and institutional investors seeking stable, risk-adjusted returns,” Mr Zorbas said.
“While strong demographics and growth are advantages, complex, costly regulations and taxes make investment less competitive.
“We should welcome other people’s money to build the housing and infrastructure we need.”
He also emphasised that passive or non-controversial investments should not face unnecessary delays.
“Screening is important, and it is equally important that passive or non-controversial investment opportunities should not need to face an extended process that only adds to delay and cost for the end consumer,” he said.
