STAMP DUTY LEAVES AUSTRALIANS BEHIND AND HOLDS THEM BACK

July 21st,2022

REIA has welcomed the Chamber of Commerce and Industry’s WA Report on ‘Stamping out stamp duty.’

REIA President, Hayden Groves, said the CCIWA’s report was the latest in a long line of expert reports confirming what we already know: stamp duty must go.

“Stamp duty reform done right nationally will kickstart the economy, open up opportunity and improve housing supply and affordability.

“If you have moved four times in the past 18 years in my home state of Western Australia, you would have paid $50,000 more than a household that stayed in the same home.

“It also found that stamp duty burdens lower income houses with the bottom 20 per cent of households paying around 5.5 per cent of their income in property-related taxes.

“Stamp duty paid on housing is a tax on opportunity and the Great Australian Dream and this is now the 25^th report since 1975 confirming the benefits of phasing out this antiquated tax.

“For tenants and aspiring home buyers, this could increase listings and housing supply by up to 50%.

“We implore Federal and State Treasurers to seriously and consistently address this issue when they meet tomorrow.

“Australians are being left behind and held back by stamp duty and it is time for action.”

REIA's video on the benefits of stamp duty reform can be viewed here.