Calls For Stamp Duty Reform Falls on Deaf Ears
The Government received a record $2.96 billion in stamp duty payments for the 2006/07 financial year, up a staggering 27 per cent on the $2.34 billion it received two years ago.
Mr Raimondo said the State Government this year collected an additional $112 million in stamp duty payments than it initially forecast in May. This is despite stamp duty cuts applied in January, which save homebuyers up to $2,800.
The situation is only getting better for the Government, after Melbourne’s median house price increased 11 per cent for the June quarter, to $420,000. At that price, Victorians pay an average $20,860 in stamp duty, compared to New South Wales ($14,390) and Queensland ($13,175).
An analysis of budgeted, and actual stamp duty payments the Government has received over the last four financial years, show Premier Brumby has received an average $456 million per year more than he expected.
The REIV has previously asked the Government to consider a system of indexation as property prices increase, and to adjust tax threshold levels in line with these increases.
