Australia's start-up culture is in a strong place... 'Stamp duty eating up four months' pay: HIA...
A third of Australians aspire to be business owners
There is a strong entrepreneurial spirit among aspirational business owners in Australia, a new NAB Economics report on entrepreneurship has found.
The report titled The Lure of Entrepreneurship - Australia’s Start up Culture surveyed 1,000 Australians and revealed of the 1 in 3 who would like to own their own business, young Australians were the most keen (nearly 1 in 2).
Other findings of the report included:
- Over 1 in 2 men said they have “good” to “excellent” levels of entrepreneurship compared to 41% of women
- Cafés and retail, followed by IT and personal services were the most popular choices for a new business
- Most budding entrepreneurs said they would embark on a start-up alone or with their spouse or partner
- 40% of budding entrepreneurs and 75% of existing business owners need/needed less than $50,000 to get their business off the ground
'Stamp duty eating up four months' pay: HIA
Australians are being hit with nearly an additional $100 in monthly mortgage payments thanks to the impact of stamp duty.
According to the latest Stamp Duty Watch report form the Housing Industry Association (HIA), a typical non-first home buyer owner occupier was hit with a stamp duty bill of $17,811 in June 2016, adding an additional 3.6% to the cost of purchasing a home.
According to the HIA, that sum accounts for four months’ worth of after tax income and significantly increases mortgage repayment, while also negatively impacting the economy and housing supply.
“By eroding deposits and making homebuyers borrow more, stamp duty is estimated to add $91 per month to household mortgage repayments for a median priced home,” HIA senior economist Shane Garrett said.
“Apart from hurting ordinary households, stamp duty restricts economic activity and obstructs the national dwelling stock from achieving its full potential in terms of the people it can house,” Garrett said.
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