Economists and homebuyers alike will tell you that stamp duty is a bad, harmful and distortionary tax, writes Danni Hunter | OPINION
Victoria’s economy is changing rapidly as the national economy shifts and groans under the weight of higher interest rates, higher costs of living, and a housing affordability crisis that is cutting deeply into the confidence of Victorians.
Adding to this momentum is the Albanese government’s willingness to engage with the state treasurers in a discussion about how real reform could be achieved. Stamp duty is not a revenue stream that state governments can afford to meddle with unless there is a clear case for how reform would benefit and grow the economy, and substantial support from the Commonwealth government to get there.But think about this – according to the Commonwealth Treasury, every dollar of stamp duty does 72 cents worth of harm to the economy. Just imagine if that were reversed.We cannot simplify this debate or pretend it will be easy.
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