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.

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Marc Pallisco

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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