Australia to ban social media for children under 16, and more headlines

For PropertyGuru’s news roundup, Australia Prime Minister Anthony Albanese said the government would legislate for a world-leading ban on social media for children under 16. In other headlines, prices of new homes in China rose at a faster pace in November, thanks to a string of policies supporting the property market. Lastly, a guide to smart reinvestment strategies after selling property in India.

Australia proposes ban on social media for children under 16

Australia Prime Minister Anthony Albanese said on 7th November the government would legislate for a ban on social media for children under 16, a policy the government says is world-leading.

Australia is trialling an age-verification system to assist in blocking children from accessing social media platforms, as part of a ban that could come into force as soon as the end of next year.

“Social media is doing harm to our kids and I’m calling time on it,” Mr Albanese told a news conference.

Mr Albanese cited the risks to physical and mental health of children from excessive social media use, in particular the risks to girls from harmful depictions of body image, and misogynist content aimed at boys. “If you’re a 14-year-old kid getting this stuff, at a time where you’re going through life’s changes and maturing, it can be a really difficult time and what we’re doing is listening and then acting,” he said in the BusinessWorld bulletin.

Several countries have already vowed to curb social media use by children through legislation, though Australia’s policy is one of the most stringent.

China’s new home price rise accelerates in November, survey finds

Prices of new homes in China rose at a faster pace in November, a private survey showed on 1st December, as a string of policies may be lending support to the ailing property market.

The average price across 100 cities edged up 0.36 percent, compared with the previous month’s 0.29 percent, according to data released by property researcher China Index Academy.

On a year-on-year basis, the average price rose 2.40 percent versus 2.08 percent growth in October.

According to Reuters, official data for home prices will be released by China’s statistics bureau on 16th December.

Top reinvestment options after selling property in India

Selling a property, especially in India, can bring significant financial gains and tax liabilities. When reinvested wisely, the capital from property sales can help avoid tax implications and grow wealth over time. Housing.com’s guide will walk you through various reinvestment strategies available after selling property in India, focusing on tax-saving options under the Income Tax Act 1961. The guide will also provide a comprehensive understanding of capital gains tax (what it is, the different types of capital gains, etc.) and how to minimise it effectively.

The Property Report editors wrote this article. For more information, email: [email protected].