‘State Labor Governments could make housing affordability a whole lot easier if they were to cut the excessive stamp duties on conveyancing and act on releasing new land for development’ the Acting treasurer, Peter Dutton said today.
‘In 2005-06, the States collected $10.8 billion in stamp duties. This is more than double the amount they collected in 2000-01 and comes despite record amounts of GST going to the States and Territories’ Mr Dutton said.
‘Property taxes such as stamp duty and land tax now make up, on average, 32.5 per cent of the total revenue raised by the States from their own imposed taxes. This is up from 22.6 per cent in 2000-01.
‘In Western Australia, the situation is even worse, with property taxes now making up 43 per cent of their total state sources revenue, despite record levels of GST from a booming economy fuelled by the resources sector.
‘Stamp duties on a median priced property in Perth add, on average, $20 500 to the cost of the purchase.
‘With Perth now overtaking Sydney as the most expensive market for first home buyers it is time for the Western Australian Government to cut this excessive level of stamp duty and give back to the people who are helping to make Western Australia such a prosperous state.
‘I call on all the State Labor Governments to cut stamp duty on conveyancing now and make housing a whole lot more affordable for first home buyers’ Mr Dutton said