Victoria is exploring abolishing stamp duty in a huge boost for aspiring homeowners.
The Allan government on Thursday signalled that it could ditch the hated tax in a bid to revive the housing market.
“We know stamp duty can be a barrier to buying your first home, moving house or downsizing - and that puts pressure on housing affordability,” a government spokesperson said. But the government seems to be bowing to pressure to reform land tax, despite stamp duty accounting for a whopping 34 per cent of that state’s total taxation revenue.
It was also found to disadvantage first time buyers, preventing the appropriate reallocation of limited housing stock.
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