Simplex: Hmmm...would it be feasible to set up some sort of ERE investment swap community? Aussies and Americans could pseudo trade equal amounts of capital for exposure in the others investment landscape. Aussies would get income from US rental properties whilst Americans would gain access to term deposits that pay 6%+.
E.g. (Assume exchange rate parity in this example)
Paul is Australian and resides in Aus. Jane is American and resides in USA.
Jane wishes to put $100k in an Australian term deposit. Paul wishes to spend $100k on US rental properties due to their attractive yield. Both parties are aware of the relative risks associated with each investment.
On behalf of Jane, Paul deposits $100k in an Australian term deposit. On behalf of Paul, Jane buys two $50k rental properties and hires a property manager to run them. At the end of each financial year, Paul and Jane work out the difference between the net income of each investment and there is a resulting cash flow from one party to the other (depending on which investment performed better on a net income basis).
The result? Whilst Jane owned rental properties, she enjoyed the risk profile of Australian term deposits. Whilst Paul owned a term deposit, he was able to access an appealing offshore real estate market.
There are probably a bazillion reasons why this idea would never be practical though...exchange rate risk, non payment risk etc etc.