NSW Labor has vowed to scrap stamp duty for first home buyers on properties of up to $800,000, and give concessions for homes up to $1m, drawing a contrast with Liberal plans to abolish stamp duty in favour of a land tax.
NSW Labor has promised to extend first home buyers’ exemption from stamp duty, as both major parties target housing affordability ahead of the state election in March.Coalition’s stamp duty and land tax reform
Labor’s thresholds copy an extension to the stamp duty concessions introduced by former premier Gladys Berejiklian temporarily during the pandemic. Premier Dominic Perrottet’s policy gives first home buyers a choice between stamp duty and a lower, annual property tax on homes under $1.5 million, and comes into effect on January 16.
The announcement represents an extension of a policy brought in by the Berejiklian government in 2019 to help more first home buyers access the property market. But it diverges from the Coalition’s most recent policy of giving buyers the choice between the upfront lump sum of stamp duty or an annual land tax, which Labor has described as “forever tax” on the family home.
So far, the NSW Liberals have chased voters with the stamp duty policy as well as a more controversial proposal to curb problem gambling by introducing cashless gaming cards with spending limits for poker machines.Despite winning early support from a slew of groups, including the state’s highest union body, Unions NSW, the Coalition plan has met with a fiery response from the powerful pubs and clubs.
Other Labor election commitments include a plan to create a rental commissioner and rental reforms protecting tenants from unfair evictions by requiring landlords to supply a lawful reason for terminating their lease. It also wants to ban secret rent-bidding, which pits tenants against each other in a bidding war.
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