Premier says he is ‘unconvinced’ that new tax will provide benefits as he flags planning system changes
the government will collect an annual average of $8.4bn in stamp duty over the next four years, down on the record $10.4bn haul it received in 2021/22.
The Grattan Institute’s economic policy program director, Brendan Coates, said in a submission that stamp duty “penalise[s] young people” and is a “de facto tax on divorce” that is particularly hurting separated women.He argued replacing it with general property taxes could “make Victoria up to $5bn a year better off while also improving housing affordability”.
In Victoria, first home buyers currently receive an exemption from stamp duty for properties valued under $600,000 and a reduced rate charged for properties worth up to $750,000.
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