PUSH FOR STAMP DUTY RELIEF TO STIMULATE CONSTRUCTION ACTIVITY
The Property Council, UDIA, and HIA are jointly advocating for a temporary reduction in stamp duty to bolster a faltering residential construction market.
Early analysis is forecasting a 50 percent decline in construction due to the impact of COVID-19. As such, the proposal calls for urgent government intervention to save local jobs and boost industry activity levels.
The proposal asks the Queensland Government to waive stamp duty for:
This stamp duty reduction would equate to approximately $13,000 per dwelling, providing a significant incentive to encourage the purchasing and development of property.
The Property Council is committed to advocating for measures that support Queensland’s property industry throughout the crisis and position the industry to thrive once the initial economic shock of COVID-19 abates.
To view the full stamp duty proposal, please click here.