- Government initiatives are measured and responsible
- Land Tax reduction welcomed
- Government smart to reject NSW-style vendor stamp duty
The Property Council of Australia (ACT) welcomes the Treasurer’s announcement today on Housing Affordability Measures, Stamp Duty Concessions and Land Tax Rates.
“The Treasurer has developed a responsible package. There’s no robbing Peter to pay Paul in today’s announcements and that is a real relief for industry” said Romilly Madew, Executive Director, Property Council of Australia – ACT Division.
The Property Council has also championed effective Housing Affordability measures since the escalation of house prices.
“The Treasurer should be congratulated for introducing the first home buyers’ stamp duty concession scheme. For too long the market has locked out first home buyers.
“The Property Council also commends the Treasurer on introducing the changes to the Land Tax threshold to accommodate bracket creep.
“The net effect is a reduction in land tax for the majority of home owners in the ACT.
“Further, the Property Council commends the Government for rejecting a NSW style Vendor Stamp Duty.
“Stamp duty is Australia’s most inefficient tax.
“The challenge is now for the ACT to further reduce the levels of primary stamp duty – still the highest in Australia at 6.75%.
“The Property Council will continue to campaign against the current over-reliance on the property industry as a source of Government revenue.
The Property Council will be working with ACT Treasury and the Revenue Office to ensure the implementation of the package is as smooth as possible.
Romilly Madew, 6248 6902 or 0412 062 157