00:00It's the tax that can take away a significant amount from a home deposit.
00:06We are really happy to announce our plan to get rid of stamp duty once and for all in this state.
00:14The Liberals had already committed to exempting first home buyers purchasing existing homes costing up to $1 million.
00:21Now they've pledged to phase out stamp duty and abolish it altogether by 2041.
00:27Economists widely agree stamp duty disincentivises people from moving house, in particular downsizing.
00:33But it's an important revenue source for state governments.
00:37There's a cost in terms of the fiscal hold that it leaves.
00:40According to budget papers, that hold would be at least $1.6 billion.
00:45This is the equivalent of firing every single teacher who works in the Department for Education.
00:51This is the equivalent amount of money of firing every police officer twice.
00:58Most proposals to remove stamp duty would also accompany a suggestion to replace it with another tax.
01:05So most commonly that would be a land tax.
01:09Mr Tarsier says there'll be no new taxes to pay for the proposal and has ruled out cuts to frontline services.
01:15This whole notion that you've got to cut things in order to grow the pie is just a false argument.
01:21What we want to do is we want to grow the economic pie.
01:24There does tend to be a bit of a jump in consumption around the time people move.
01:28So removing stamp duty is likely to have a positive effect on consumption.
01:33That is likely to have a positive effect on tax revenue.
01:35The opposition says it will release independent modelling with its costings in the lead up to next year's election.
01:45And if you are in the lead up to next year's election, the election increases in the lead up to next year's election.
02:02And, the election is still the same as a public policy.
02:05That is likely to have a positive effect on the exit of that matter or the election.
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