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  • Stamp duty is hundreds of years old and removing it could boost home ownership | Assistant Treasu…

    Stamp duty is hundreds of years old and removing it could boost home ownership | Assistant Treasu…

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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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  • A two-year stamp duty holiday would fix the housing crisis | Stamp duty rates are wrong, analysts…

    A two-year stamp duty holiday would fix the housing crisis | Stamp duty rates are wrong, analysts…

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    A two-year stamp duty holiday would fix the housing crisis

    Readers’ letters on Australia’s housing crisis, tax reform, mining, Liberal Party climate policy and the CFMEU royal commission.

    I had some thoughts about your article “Stamp duty rates are wrong, analysts say. Downsizers agree”, which highlights one of the biggest inefficiencies in Australia’s housing market.

    Older Australians are reluctant to shift into smaller places because of hefty government levies. A temporary pause could rapidly improve supply. David Rowe

    Our sales network regularly speaks to empty-nesters who would happily move to smaller homes but can’t justify paying substantial stamp duty.

    This is far from a new issue. The Financial Review highlighted it almost a decade ago in “Angus Raine calls for stamp duty break to encourage empty-nesters to downsize”. Then, I argued that stamp duty relief for downsizers aged over 70 would encourage housing turnover and improve affordability. Nearly a decade later, the case is even stronger.

    Stamp duty rates are wrong, analysts say. Downsizers agree

    Sydney eastern suburbs retiree Michael Grant and his wife live in a five-bedroom house worth about $3 million. They would downsize their living but for one big problem: a $150,000 stamp duty bill.

    “Assuming that we stay in a similar area, even if we move to a two or three-bedroom apartment, it’s going to cost a similar amount to what we will get for our house,” said the recently retired software worker.

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    Should we bribe the NIMBYs?

    Everyone hates luxury development. But we need fancy new apartment buildings to fix the housing crisis: When rich people can move into new units, then non-rich people can move into the older homes that the rich move out of.1

    Despite the truth of this, voters just do not believe that more building alone will make housing more affordable. And many politicians want the least fortunate Americans to see more obvious benefits from homebuilding.

    One solution is to force developers of fancy new apartment buildings to set aside some of those homes for low- or moderate-income people. This policy is called inclusionary zoning.

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