through the stamp duty process." "The ATO will match data to ensure foreign buyers have paid a $5000 fee for any property sold for less than $1 million, and $10,000 for properties over $1 million." June - "In NSW, foreign buyers will be hit with a 4 per cent stamp duty surcharge from 21 June and 0.75 per cent land tax surcharge starting in 2017. Victoria will raise its existing 3 per cent stamp duty surcharge and 0.5 per cent land tax surcharge to 7 per cent and 1.5 per cent respectively on 1 July, while Queensland's 3 per cent stamp duty surcharge kicks in on 1 October." 3 August - The official cash rate drops to 1.5%, the lowest cash rate on record. The cash rate remains at 1.5% as of 1 July 2018. 2017 March - APRA limits interest only lending to 30% of new loans. March - The four major banks, NAB, Westpac, ANZ and Commonwealth Bank increase home loan rates despite Reserve Bank rates citing the rising costs and regulatory responsibilities. These four banks controls more than 80 per cent of the $1.6 trillion mortgage market. Owner-occupier customers repaying principal and interest experiences the smallest rise while investors with interest-only loans get the largest hike. The changes effective in April–May. April - The Governor of the RBA Philip Lowe states that increasing debt and rising house prices were risking the future health of the Australian economy. He noted that slow wage growth was making it harder for people to pay down their debt and attacked banks for lending to people with too little income buffer after interest. July - Stamp duty abolished for first home buyers in Victoria, Queensland and Western Australia. Investor tax deductions for depreciation and travel abolished. September - The market reached its most recent peak in September 2017, according to Corelogic data. 14 December - Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry established. 2018 13 March - hearings into the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry begin. 1 July - Since the previous peak in September 2017, the combined capital 5 city property market has declined by -1.3% according to Corelogic. 11 July - It is estimated by Digital Finance Analytics that there are approximately 1 million households in mortgage stress. These households risk defaulting on their mortgages in the event