Victoria calls for national reform of stamp duty
A Victorian Parliamentary inquiry wants to see a national approach to removing stamp duty or replacing it with a broader land tax. Stamp duty is levied on single property purchases and is currently the biggest revenue source for the Victorian government raking in more than 8.2-billion last year.
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TVTranscript
00:00 The Victorian Parliamentary Inquiry has found that stamp duty is an inequitable tax that
00:05 disproportionately affects young people and divorced women and is a major barrier to home
00:10 ownership.
00:11 So it's recommended that there be a national approach to stamp duty reform, but in the
00:15 absence of that it's called on the Victorian Government to urgently look at ways of replacing
00:19 stamp duty with a broad-based land tax.
00:22 So that would be maybe paying the equivalent of stamp duty over five to ten years.
00:26 The State Government is already looking at doing this for commercial and industrial properties
00:30 from July 1 next year, but it is not being drawn on whether this will apply to residential
00:34 properties yet.
00:35 The Premier next month in the coming weeks is due to come up with a major housing strategy
00:40 which may include some tax reform, but he's pretty tight-lipped on that.
00:44 As for this report, it is a multi-party report.
00:46 The Coalition poured a little bit of cold water on it.
00:49 They don't trust the Labor Government to implement any reform like this.
00:52 They're worried that people could be taxed twice.
00:54 The Greens say there's no point in waiting, it must be acted on now, while the Liberal
00:59 Democrats Party says stamp duty should be abolished but it shouldn't be replaced, which
01:03 is a big ask given it's the biggest single tax revenue for the State Government, raking
01:08 in $8.2 billion last year.
01:10 [BLANK_AUDIO]