Governments across Australia have reaped more than $160 billion from stamp duty charges... Commercial property only getting stronger...
Stamp Duty brings in more than $160 billion since 2000
Governments across Australia have reaped more than $160 billion from stamp duty charges since the turn of the century according to one property lobby group.
New research from the Property Council of Australia (PCA) claims that since the 2000/01 financial year government coffers have been inflated by $163 billion in stamp duty levies.
In the current financial year, the PCA predicts $20 billion in stamp duty revenue will be collected, compared to the $6.41 billion collected in 2000/01 and the $16 billion in 2013/14.
PCA chief executive officer Ken Morrison said the figures point to taxation system that is out of control.
“Stamp duty has spiralled out of control, stymying the creation of the new jobs and growth our nation needs,” Morrison said.
“Relying on property buyers to bankroll state and territory budgets to the tune of some $20 billion a year is hurting families and holding back Australia’s economy,” he said.
While tax reform has been a hot topic recently, Morrison said much of the speculation has been on arrangements at the federal level, with state governments avoiding similar scrutiny.
“Much of the focus in the national tax debate has been on areas of Commonwealth revenue and expenditure but the spotlight needs to shine both ways.
“In two decades average stamp duty bills have increased around the country by between 527% in Hobart and 795% in Melbourne. Homebuyers have a right to question what they are getting in return for these astronomical increases.”
Commercial property only getting stronger
Investors are set to fuel another bumper year for the commerical property market as they are driven by rising business confidence, the declining Aussie dollar and rock bottom interest rates, according to an article in The Age.
Transactions across Australia and all sectors are predicted to reach a $35 billion top in 2015, with local purchasers accounting for half of the investment.
Colliers International John Marasco said, "It's been a perfect storm of record low interest rates, the falling dollar and the affordability of Melbourne when you benchmark it against not just Sydney but also Singapore and Shanghai.
"There's been a real balance of local and offshore groups too."
Some of the bigger deals include private equity giant Blackstone's $675 million for half of Southern Cross towers on Bourke and Exhibition streets.
And China Investment Corporation paid $2.45 billion for the Investa Property Trust portfolio on a yield of 4.9 per cent.
Governments across Australia have reaped more than $160 billion from stamp duty charges since the turn of the century according to one property lobby group.
New research from the Property Council of Australia (PCA) claims that since the 2000/01 financial year government coffers have been inflated by $163 billion in stamp duty levies.
In the current financial year, the PCA predicts $20 billion in stamp duty revenue will be collected, compared to the $6.41 billion collected in 2000/01 and the $16 billion in 2013/14.
PCA chief executive officer Ken Morrison said the figures point to taxation system that is out of control.
“Stamp duty has spiralled out of control, stymying the creation of the new jobs and growth our nation needs,” Morrison said.
“Relying on property buyers to bankroll state and territory budgets to the tune of some $20 billion a year is hurting families and holding back Australia’s economy,” he said.
While tax reform has been a hot topic recently, Morrison said much of the speculation has been on arrangements at the federal level, with state governments avoiding similar scrutiny.
“Much of the focus in the national tax debate has been on areas of Commonwealth revenue and expenditure but the spotlight needs to shine both ways.
“In two decades average stamp duty bills have increased around the country by between 527% in Hobart and 795% in Melbourne. Homebuyers have a right to question what they are getting in return for these astronomical increases.”
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Commercial property only getting stronger
Investors are set to fuel another bumper year for the commerical property market as they are driven by rising business confidence, the declining Aussie dollar and rock bottom interest rates, according to an article in The Age.
Transactions across Australia and all sectors are predicted to reach a $35 billion top in 2015, with local purchasers accounting for half of the investment.
Colliers International John Marasco said, "It's been a perfect storm of record low interest rates, the falling dollar and the affordability of Melbourne when you benchmark it against not just Sydney but also Singapore and Shanghai.
"There's been a real balance of local and offshore groups too."
Some of the bigger deals include private equity giant Blackstone's $675 million for half of Southern Cross towers on Bourke and Exhibition streets.
And China Investment Corporation paid $2.45 billion for the Investa Property Trust portfolio on a yield of 4.9 per cent.
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