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welcomes the Productivity Commission Chairman, Michael Brennan’s recommendation
for state governments to abolish stamp duty and strongly urges the Western
Australian government to take action.
President Damian Collins said stamp duty was an inefficient tax and one of the
biggest imposts to home ownership.
currently being the most affordable state in the nation, many still find
themselves priced out of the market or unable to move homes due to the heavy
tax burden. It is imperative that the single greatest barrier to housing
affordability is removed.
“REIWA has been a vocal advocate
for the abolishment of stamp duty and supports long term tax reform that aims
to eliminate this tax and move to a broad-based land tax regime.
“There are a number of flow-on benefits from a
land-based tax regime. It would allow for greater housing mobility across the
community. Households could locate closer to employment and activity centres,
thus reducing congestion. Housing mobility is presently stymied by the current stamp
duty regime,” Mr Collins said.
activity has declined significantly over recent years in WA, with the number of
annual property sales falling from over 71,000 in 2013 to less than 40,000 in
2018 – the lowest level of transactions since 1990.
fewer property sale transactions has meant significantly less stamp duty
revenue for the WA Government. By abolishing stamp duty altogether, the cost of property
taxes would be spread across many years creating a steady stream of reliable
income for state and territory governments,” Mr Collins said.
For more information about REIWA's advocacy efforts, visit our advocacy page.