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

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.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Council blames slow local decision-making for feeding Australia’s housing supply crisisPeak business body proposes deadlines to ‘speed up’ local councils, saying delays are making developers reluctant to invest
Source: GuardianAus - 🏆 1. / 98 Read more »

Stamp duty, councils and big business’s $10bn shot at the housing crisisThe nation’s peak business group will propose a $10 billion federal plan to build more homes and slash the cost of construction.
Source: theage - 🏆 8. / 77 Read more »

Stamp duty, councils and big business’s $10bn shot at the housing crisisThe nation’s peak business group will propose a $10 billion federal plan to build more homes and slash the cost of construction.
Source: brisbanetimes - 🏆 13. / 67 Read more »

Stamp duty, councils and big business’s $10bn shot at the housing crisisThe nation’s peak business group will propose a $10 billion federal plan to build more homes and slash the cost of construction.
Source: smh - 🏆 6. / 80 Read more »