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Stamp duty is hundreds of years old and removing it could boost home ownership
Researchers have estimated removing stamp duty could increase home purchases by about 100,000 in NSW each year. (ABC News: Steve Keen)
Whether it is bidding at an auction or buying at a private sale, most people purchasing property in Australia will pay one of the world's oldest taxes, stamp duty.
But research suggests shifting away from the more than 300-year-old tax on property transactions could ease housing affordability and help boost economic activity.
Across the country, all jurisdictions have stamp duty, with only the ACT planning to phase the tax out over a 20-year period.
e61 Institute economist Nick Garvin said stamp duty was not a neutral tax because it dis-incentivised people from moving.
Assistant Treasurer Daniel Mulino defends housing tax changes amid property market downturn | The Issue
Assistant Treasurer Daniel Mulino has hit out at critics of the government’s housing tax changes, accusing them of exaggerating the property downturn.
Mulino’s comments to 7NEWS come as those looking to buy a home brace for another Reserve Bank decision on interest rates.
“Some of the commentary exaggerates what’s happened to date,” Mulino said.
Yale educated with a PhD in economics, the assistant treasurer spoke with 7NEWS podcast The Issue about Australia’s property market storm in the five months since the government announced its housing tax changes.
“The tax distortions needed to be addressed in addition to building more houses,” he said.
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Push for $1,900 annual tax for Aussie homeowners as property market slows
A federal MP has called for Australian states to wean themselves off a reliance of stamp duty as the housing slowdown sees state governments face billions less in revenue to provide services. And the federal government should assist in paving the way for a difficult transition towards an ongoing land tax.
That's the assertion from Independent NSW MP Allegra Spender who is the latest to call for property to be taxed on a more consistent, annual basis rather than a lump sum stamp duty at the point of sale. It comes as stamp duty revenue in her home state has fallen by nearly a quarter in recent months.
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