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Property, housing and development taxes contribute more than 50 percent of Victoria’s revenue.
In Melbourne, homebuyers pay up to 38 per cent of a new house and land package in taxes, fees and charges. This continues to lock out thousands of Victorians from their home ownership dreams each year. The National Housing Finance and Investment Corporation found that development contributions can collectively amount to between $37,000 and $77,000 per dwelling in Victoria.
New residential land is captured by a range of local and state taxes, including the Growth Areas Infrastructure Contribution and the soon to be commenced Windfall Gains Tax. While the local taxes have a degree of nexus to the delivery of local infrastructure, the state taxes do not.
Victorians continue to pay the highest rate of stamp duty in Australia, imposing a significant financial burden on all home purchasers. Depending on how the sale process is undertaken, stamp duty can apply multiple times to a new home build – for example the sale of land to a developer, the sale of land from a developer to a builder, and the sale of a house and land package by a builder to a new home buyer.
Undertake a full review of state property based taxes and develop a comprehensive reform agenda to deliver an efficient and equitable tax system that supports housing supply and affordability
Amend planning legislation to introduce a cap on the percentage of government infrastructure taxes that can be sought under any infrastructure contributions scheme. They should represent a ‘contribution’ and not fully fund, or very close to fully fund, broad community infrastructure items that service all Victorians
Commit to a process of reforming stamp duty, including removing any multiple charging of stamp duty for new house and land packages
Repeal the Windfall Gains Tax.