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” Similarly, if you take out a loan to purchase land on which to build a rental property or to finance renovations to a property you intend to rent out, the interest on the loan will be deductible from the time you took the loan out.” This is a quote from the ATO rental properties guide.

If the intention is to build and later rent it as investment then potentially yes. I am not sure on costs other than interest; however either way you can and should check on the ATO website. There is a section in the specific tax rules for investment properties that outlines vacant land.