In a move aimed at bolstering the supply of affordable housing, Treasurer Jim Chalmers announced on Sunday that Australia would triple fees for foreign buyers purchasing existing homes.

The measures also include heightened penalties for those leaving properties vacant and increased compliance activities to ensure foreign investment aligns with the national interest, Chalmers stated in a released statement.

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Chalmers, part of the centre-left Labor government, further revealed plans to reduce application fees for foreign investment in “build to rent” projects, intending to incentivize the construction of more homes.

The government had earlier committed A$2 billion ($1.3 billion) in June to deliver thousands of new affordable homes across the country, aiming to address the shortage of public housing for Australians on waiting lists.

The fee adjustments, set to generate around A$500 million ($300 million), will be directed towards priority areas, particularly housing, Chalmers explained in a transcript from Brisbane.

These changes, according to Chalmers, are geared towards ensuring that foreign investment aligns with the government’s agenda to increase the nation’s supply of affordable housing.

Laws to implement the higher fees are slated to be introduced in 2024.

This fee hike follows a previous move by Chalmers last year, doubling fees for foreign investors acquiring assets in the country, which the government anticipated would yield an additional A$455 million in revenue over four years.

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In Australia, where housing prices are already among the most expensive globally, steady growth is forecasted as demand continues to outpace supply in the nation of 26 million people.