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Housing minister says stamp duty is 'bad tax' that distorts the market

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Land Tax Nouvelles

Stamp Duty,Housing Minister,Clare O'neil

The minister throws her weight behind a Business Council proposal for states to replace stamp duties with land tax.

The housing minister said stamp duty distorted people's decisions about when to buy and sell property.Clare O'Neil, the federal housing minister, has backed business groups and economists wanting states to dump stamp duty, saying "it's a really good idea".

Ms O'Neil indicated she was willing to push the need for change but that her ability to move the dial was limited. The tax take represents just over 21 per cent of all revenue directly raised by those jurisdictions. That figure is heavily distorted by NSW and Victoria, which have the heaviest reliance on the tax, raising nearly $25 billion between them.

Mr Dutton said there needed to be a "proper conversation about what the architecture looks like going forward" to address issues such as cost of living and energy.

 

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