Foreigners buying residential properties in Australia will be doing their bit to repair Joe Hockey's budget.
Some of the money raised from tighter controls over foreign investment will go straight to the budget bottom line, he says.
Planned new fees are expected to raise $200 million, some of which will fund a compliance unit in the Australian Taxation Office.
"There may be some left over to help repair the budget," Mr Hockey told Sky News on Thursday.
The government has made substantial acquisitions in the past year to improve screening processes at an enormous cost.
"So we need to recover those costs," he said.
The treasurer also played down criticism of the new rules.
The Property Council claims higher fees on foreign buyers will dampen demand and adversely impact housing construction, especially apartments.
Mr Hockey says residential construction rose 20 per cent in NSW in the past year and there were many factors, including lower interest rates, involved in that increase.
"I don't accept ... that a lot of it is foreign investment money," he said.
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