The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
22 DAYS UNTIL OUR UNMISSABLE FLAGSHIP CONFERENCE MORE THAN 500 ALREADY ATTENDING
22 DAYS UNTIL OUR FLAGSHIP CONFERENCE 500+ ALREADY ATTENDING
SECURE YOUR SPOTDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
GovernmentStaff WriterMon 15 Jun 15

'Stamp Duty Out Of Control': Homebuyers Plied With 800% Tax Increase

1

New analysis shows that average stamp duty costs have increased by between 527% and 795% in the last 20 years, throwing up a major barrier to ownership in Australia.

The true cost of stamp duty over the life of an average mortgage is now $61,542 in Sydney, $56,616 in Melbourne, $14,733 in Brisbane, $21,564 in Hobart, $33,654 in Perth, $35,427 in Canberra, $30,393 in Adelaide and $49,701 in Darwin.

The Property Council of Australia's Chief Executive Ken Morrison said stamp duty was out of control and was now one of the biggest impediments to entering the housing market.

"Stamp duty has become a runaway cash grab that's hurting Australia's economy and locking out potential homebuyers," Mr Morrison said.

"These astounding increases in the costs of stamp duty are nothing short of scandalous.

ALSO SEE:  Stamp Duty Bracket Creep ‘Unfair’ For First Home Buyers: REINSW

"The community should be outraged that they are being slugged with such excessive charges, especially at a time when housing affordability is an acute challenge.

"Stamp duty is effectively the last dollar you pay off your mortgage and homebuyers can't afford to be hit with tens of thousands of extra dollars in the cost of an average house. But that's exactly what is happening now under this out-of-control system, despite the low interest environment.

"Stamp duty has to go, it is our worst, most inefficient tax," Mr Morrison said.

"Getting rid of stamp duty needs to be a top priority of national tax reform and every government in the country.

"Treasury's own modelling shows that Australia's economic welfare is reduced by 73 cents for every dollar of stamp duty revenue. That's 50 per cent worse than company tax, and three and a half times worse than GST or income tax.

"Taxes are supposed to lean lightly on the economy, not act as a barrier to economic activity, job creation and prosperity, but that is exactly what stamp duty does."

here.

ResidentialAustraliaFinanceSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Bates Smart Richmond Sportslink HERO
Exclusive

BtR Focus Drives Bates Smart’s Richmond Sportslink Concept

Leon Della Bosca
6 Min
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
6 Min
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy to the Sound of Cannons: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
5 Min
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
View All >
Industrial

Data Centres Drive Goodman Group A-REIT Success

Taryn Paris AND Shravanth Reddy
Construction workers building social housing in Gosford, New South Wales.
Affordable & Social Housing

Housing Australia Adds 18,000 Homes as Contracts Confirmed

Marisa Wikramanayake
Dexus Sydney CBD Supertall EDM
Planning

City Backs Height Boost for Sydney Supertall Towers

Vanessa Croll
Planning changes have unlocked 300m-plus towers for Dexus and Lendlease that would be among the city’s tallest commercia…
LATEST
Industrial

Data Centres Drive Goodman Group A-REIT Success

Taryn Paris AND Shravanth Reddy
3 Min
Construction workers building social housing in Gosford, New South Wales.
Affordable & Social Housing

Housing Australia Adds 18,000 Homes as Contracts Confirmed

Marisa Wikramanayake
2 Min
Dexus Sydney CBD Supertall EDM
Planning

City Backs Height Boost for Sydney Supertall Towers

Vanessa Croll
3 Min
Residential

Thirdi Lifts Covers on 500-Home Precinct at Gladesville

Lindsay Saunders
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/homebuyers-plied-800-tax-increase