A reform of state taxes is being called for by First National, particularly inefficient ones like stamp duty which is proving too taxing for working families to pay.
Stamp duty is nothing more than governments gouging money from those who can least afford to pay – working Australian families.
We are already proven to be one of the most expensive property markets in the world and excessive property taxes, like stamp duty, is making it incredibly difficult for new entrants to gain access to the market or for existing home owners to upgrade.”
The situation with the Australian property market is becoming untenable and needs to be addressed at a national level.
At a time when rents are soaring, vacancy rates are tight and there is a shortage of supply, there is a real potential that more Australian families will be forced onto the streets – increasing homeless rates and welfare payments and further adding economic stress to the Australian economy.
Serious consideration needs to be given to addressing the problems with the Australian property market if there is going to be hope for future Australians to realise home ownership dreams.
“Plus, as the Henry Review points out, transaction taxes such as stamp duties reduce economic efficiency, either by discouraging turnover or being embedded in the cost of production, which just increases the problem.
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