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Stamp duty abolition: the end justifies the means

Media Release

Stamp duty abolition: the end justifies the means

Media Release
By replacing stamp duty with a more stable, efficient and equitable tax we should remain focused on the benefits of the reform.
Latest articles
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10 Aug
Security of Payment - Coverage

The Building and Construction Industry (Security of Payment) Act 2021 (WA) (SOP Act) applies to some construction contracts but excludes others. Before you make a claim under the SOP Act, it is important to confirm that your contract is covered.

08 Aug
The Residential Building Bill

The Tasmanian Government has released the Residential Building (Miscellaneous Consumer Protection Amendments) Bill 2022 for consultation. HIA has raised concerns with some elements.

05 Aug
Geraldton local claims HIA Apprentice of the Year

Geraldton’s own third year carpentry and joinery apprentice Callum Marquis from Connolly Creative Building Co. has been named 2022 HIA Stratco WA Peter Stannard Apprentice of the Year.

04 Aug
Security of Payment overview

Security of payment laws provide for the rapid adjudication of payment disputes in the building and construction industry.

HIA provided a submission to the Consultation Paper - Buying in NSW, Building a Future and has today released HIA’s Stamp Duty Watch report. Stamp Duty Watch is a comprehensive regular review of policies in the states and territories around Australia.

“A constant state of paralysis has resulted in a cascading of tax problems as state governments have become increasingly dependent on stamp duty for revenue. This is despite stamp duty being universally recognised as one of the most inefficient and inequitable taxes that does not provide a stable revenue stream,” added Mr Reardon.

“There are numerous strategies that can be pursued to abolish stamp duty including the phased in approach or an ‘opt in/out’ arrangement.

“As with all sound economic reforms, the benefits of the reform ensure that households disadvantaged from the change can be compensated.

“The case in favour of reforming stamp duty is so strong that it doesn’t matter which of these options is adopted, as long as stamp duty is abolished.

“Penalising households for pursuing home ownership does not lead to good economic or social outcomes.

“The efficiency benefits of the removal of stamp are extensive. A workforce able to relocate in the pursuit of education and employment opportunities, without incurring punitive taxes, supports a range of family and community goals.

“Households able to move to a home that suits the size of the family and the location of their employment and studies can lead to a more efficient allocation of public investment in transport infrastructure.

“It allows an ageing population to shift closer to family and medical support leading to a more efficient allocation of land and health care resources.

“A switch away from stamp duty also offers a better use of land as it penalises low value use of land in areas with high land values.

“This isn’t to ignore the challenges of the reform, as they are significant, but in the case for abolition of stamp duty, the end justifies the means,” concluded Mr Reardon.

For further information please contact:

Tim Reardon

Chief Economist, HIA

Angela Lillicrap

Economist
Breaking news
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08 Aug
The Residential Building Bill

The Tasmanian Government has released the Residential Building (Miscellaneous Consumer Protection Amendments) Bill 2022 for consultation. HIA has raised concerns with some elements.

05 Aug
Geraldton local claims HIA Apprentice of the Year

Geraldton’s own third year carpentry and joinery apprentice Callum Marquis from Connolly Creative Building Co. has been named 2022 HIA Stratco WA Peter Stannard Apprentice of the Year.

04 Aug
Home builders fight for home ownership

Victoria’s peak housing body HIA has tabled a ten point plan to assist home ownership in the lead-up to the State election in November.

03 Aug
Housing a focus in 2022-23 ACT budget

The ACT Government has released its budget for the period of 2022-23 to 2026-27.

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