Stamp duty is "a tax on opportunity," says peak body leader
The Real Estate Institute of Australia has welcomed the Chamber of Commerce and Industry’s WA (CCIWA) report, Stamping out stamp duty.
REIA President Hayden Groves said the CCIWA’s report was just the latest in a long line of expert reports confirming that stamp duty should be abolished.
“Stamp duty reform done right nationally will kickstart the economy, open up opportunity and improve housing supply and affordability,” Groves said. “If you have moved four times in the past 18 years in my home state of Western Australia, you would have paid $50,000 more than a household that stayed in the same home.”
The report found that stamp duty burdens lower-income households, with the bottom 20% of households paying about 5.5% of their income in property-related taxes.
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“Stamp duty paid on housing is a tax on opportunity and the Great Australian Dream, and this is not the 25th report since 1975 confirming the benefits of phasing out this antiquated tax,” Groves said. “For tenants and aspiring home buyers, this could increase listings and housing supply by up to 50%.”
Groves called on federal and state governments to seriously address the issue.
“Australians are being left behind and held back by stamp duty, and it is time for action,” he said.
