Land Tax aggregation
August 26, 2019
The Government, in particular Treasurer, the Hon Rob Lucas MLC and Premier, the Hon Steven Marshall MP, need to be made aware that the consequences of this will have far reaching effects and has the potential to place a heavy toll on the residential building industry investors may leave the market for other States where the Land Tax burden is levied at a much lower rate. There is a real danger that if investors decide to quit the State there will be a flood of properties onto the market, which will drive down prices on established homes and units and make it even less attractive for South Australians to build a new home.
The residential building industry does not need this, particularly now when the sector is already in a subdued state. Jobs and incomes of building workers and their families is too important to mess with just to improve the States bottom line.
The Treasurer has told us that the Draft Legislation will be released for consultation soon and the HIA will be providing a submission and strongly lobbying him and the Premier to ensure that the residential construction industry is not adversely affected by these changes. We have arranged a meeting with the Premier and will let him know in the strongest possible terms our opposition to any changes from the current arrangements.
In the meantime I urge all members to contact the Hon Steven Marshall MP, Premier of South Australia and the Hon Rob Lucas MLC, Treasurer to voice your concerns.
A petition has been produced by property industry associations including HIA, UDIA (SA), MBA (SA) and can be accessed here
I urge all members to consider responding.