The Property Council of Australia has endorsed the NSW Government on reports it will introduce a Stamp Duty overhaul into parliament this week.
Acting NSW Executive Director Adina Cirson said Stamp Duty was an inefficient and volatile tax that puts a break on economic growth.
“We welcome this reform which will help Australian’s buy their first home, but there are many critical elements to get right when reforming Stamp Duty,” Ms Cirson said.
“Ultimately, the devil will be in the detail when legislation is put through Parliament this week, but we support modern reform that reflects the world we live in now.
“Hopefully it will have a genuine opt-in choice, with no increase in cost of housing development and it does not result in higher taxes for the commercial property sector as being experienced in the ACT.
“Residential rates should only apply once a property is capable of being used as a dwelling. Otherwise, we risk further hampering housing supply, already being some 100,000 homes short in NSW.
“If done properly, reforms could help unlock a productivity cycle as we recover from the COVID pandemic.”
