Already a subscriber?Victorian Premier Jacinta Allan says her government is open to considering more drastic tax policy changes to ramp up home building to revive the chances of reaching its ambitious housing goals.
Developers Sam Tarascio and Tim Gurner say Labor must consider re-introducing off-the-plan stamp duty exemptions for new projects andto turbocharge supply. Since 2019, foreign buyers have incurred an additional 8 per cent stamp duty charge on land purchases. “In the middle of a housing crisis we need to do everything we can to build more properties,” Ms Allan said on Monday,whether Labor would consider the tax tweaks proposed by Mr Tarascio and Mr Gurner, the premier said she was open to using every means available.
“The costs associated with construction, the inputs of labour and materials have gone up by 22 per cent since 2021 and that’s an astronomical increase in such a short period of time, and we’ve been upfront about the range of these challenges and … the pressures it’s putting on government,” she said.