The Herald's View: Getting rid of stamp duty is long overdue. The NSW government must now make sure the best possible reform path is adopted
This comes as federal Treasurer Jim Chalmers flags a willingness to. When state treasurers meet in Brisbane next month, reform options to boost the economy will be on the agenda.
The demise of stamp duty has been a long time in the making. Criticisms of this outdated levy, introduced in 1865, have been around for decades. All taxes impose an economic cost, but multiple studies have found the effects of stamp duty on property transactions to be especially wasteful and inequitable.It has been blamed for exacerbating Australia’s housing affordability crisis and discouraging people from moving to accommodation appropriate to their needs.
There is an encouraging consensus about what should replace stamp duty. The Henry review, the Australian Productivity Commission and the 2020 NSW Review of Federal Financial Relations are among many to conclude a broad-based tax on land is the right substitute.
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