The nation’s peak business group will propose a $10 billion federal plan to build more homes and slash the cost of construction in an ambitious bid to revive a reform template from the 1990s to fix the housing crisis that takes aim at stamp duty and obstructionist local councils.
The business council will unveil the plan with a claim that it could repeat the gains Australia made from national competition reforms in the 1990s, which were estimated to add tens of billions of dollars to the economy when Canberra and the states agreed on big reforms. “Our prosperity is being held back because many Australians can’t buy a home or are paying too much rent, and fixing this issue means putting hard but important policy changes on the table,” he said.For example, the council says the Commonwealth would receive $19 billion more in tax revenue over a decade if the states and territories replaced stamp duty with a land tax.
The proposal is based in part on federal policies from three decades ago when Canberra set up a $5 billion fund to pay the states and territories to embark on reforms that would expand the economy.
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