The Foreign Investment Review Board is yet to include any details of the policy changes regarding foreign buyers of Australian residential property on its website and the Abbott government is yet to introduce any legislation to make the change legal, despite the fact some of the tougher fees and penalties are set to start on Monday.

From March 1, 2015, FIRB will also scrutinise foreign purchases of Australian agricultural land worth $15 million or more, down from the high threshold of $252 million. The definition of agricultural land is also being reviewed over the coming months, and the final decision will be applied retrospectively to all transactions from March 1.

"The whole thing is a shambles," said Labor senator Sam Dastyari, reports The Australian Financial Review. "How can the policy not be in place 100 hours before it is to be implemented? It starts on Monday so how could the rules not be in place?"