Treasurer Tim Pallas has given his strongest hint yet that the state government would consider ditching stamp duty and replacing it with a land tax.
In the midst of a crisis,we should pull all the available levers. That means abolishing stamp duty should be on the agenda.
A clear majority of voters back the case for tax reform that can help young Australians buy their first homes.
For every $1 of stamp duty collected,55 cents goes down the drain in lost economic activity. Yet the state government is refusing to switch.
Victoria’s budget bottom line took an estimated $73 million hit after additional stamp duty obligations were waived on dozens of foreign-owned entities last year.
Opposition Leader Mark Speakman says the government did not do enough to address the housing crisis in its first budget.
A group of Victorian MPs considered whether to get rid of stamp duty,but decided against it. Economists say it’s disappointing for home buyers.
But the rivers of gold – also propped up by $1.7 billion more tax than expected from residents and business – are not tipped to last.
An annual property tax will replace stamp duty for commercial and industrial properties,which Treasurer Tim Pallas says will add $50 billion to the state’s economy.
The NSW Labor government has the support of key crossbenchers to axe Dominic Perrottet’s land tax regime.
Victorian Treasurer Tim Pallas is expected to deliver an operating surplus of $1 billion in 2025-26 – $100 million higher than forecast in the pre-election budget – that will grow to $1.2 billion the year after.