Dwelling approvals fall in SA – it’s time to axe stamp dutyThe Property Council of Australia (SA Division) is renewing its calls for stamp duty abolition following today’s release of ABS Building Approvals data. Nationally, the ABS Building Approvals data reveals that the number of dwellings approved rose 0.2 per cent in November 2014 (in trend terms) and has risen for six months. “However, South Australia bucked the national trend and experienced a decrease in building approvals by 1.1 per cent (in trend terms),” said SA Executive Director Daniel Gannon. “While other states like Tasmania experienced an increase in building approvals (3.8 per cent), South Australia went the other way. “To make matters worse, the ABS has also revealed that private sector house approvals fell in South Australia by 0.7 per cent, but rose in Victoria and Queensland. “Abolishing stamp duty is critical to encouraging greater productivity and job creation in South Australia’s economy, particularly as the rate of overall home ownership is in slow decline. “Stamp duty is a disease on economic growth – it’s time to take the axe to this antigrowth tax.”Stamp duty discourages South Australians from buying and selling property and is a barrier to older people downsizing from the family home. “There’s no doubt that stamp duty distorts both consumer and industry decision making, it impairs labour mobility, it places a heavy burden on home buyers and it builds a barrier to investment.”
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