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{{propApi.successMessage}} {{region}} Change locationReduce the burden on new housing
Reduce the burden on new housing
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Australia’s tax system unfairly targets new home building and renovation work with housing remaining the second most heavily taxed sector in the Australian economy.
Research shows that the cost of a house and land package in Australia’s capital cities includes up to 50 per cent taxation.
The excessive tax on new housing acts as an impediment to the supply. The productivity benefits of new home building and its multiplier effect in the Australian economy has been clearly borne out during the pandemic. Reducing the direct and indirect taxation of new housing can unlock more housing activity leading to further economic benefits for all Australians.
Residential building work is also one of the most regulated industries in Australia. While much of the regulatory burden arises from state and territory governments, the collaborative approach through National Cabinet and the many national partnership agreements in place that impact housing, provide a genuine avenue for reform.
COVID-19 has placed an unexpected and undue burden on small businesses. The rate of change in managing restrictions and risk has limited business capacity to manage other regulatory changes. Residential building businesses need time to recover and connect post pandemic.
ACTIONS
Require states and territories to implement reforms that lower the tax burden on new housing through the next National Housing and Homelessness Agreement.
Eliminate situations where a state tax is levied on a federal tax (e.g. stamp duty being calculated on a GST inclusive purchase price).
Undertake a review of the regulatory impact assessment process to establish a method for assessing the cumulative impact of regulations, codes and standards on house prices and better addressing social policy issues.
Gain agreement through National Cabinet for a national moratorium on new regulations affecting the price of new housing and provide ‘clear air’ for industry to focus on recovery.