Wednesday 31 May 2023
MEDIA RELEASE
Property Council welcomes move to put more keys in doors for first home buyers
The Property Council of Australia has welcomed the passage of the First Home Buyers Assistance Scheme through the NSW Legislative Assembly to put more keys in doors for first home buyers in the state.
Property Council’s Acting NSW Executive Director Anita Hugo said lifting the stamp duty exemption threshold from $650,000 to $800,000 would allow more Australians to one day achieve their dream of owning their own home.
“Stamp duty is an economically harmful and highly inefficient tax, and it deserves to be on the chopping block,” Ms Hugo said.
“Raising the Stamp Duty threshold to $800,000 will put more keys in doors for young families in an increasingly unaffordable housing market.
“While we warmly welcome this measure, industry is disappointed with the government’s decision to remove the land tax option for first home buyers through the repeal of the Property Tax Bill 2022.
“The passage of the Bill through Parliament last year represented a critical first step in the journey towards an efficient broad-based land tax and a path to genuine reform.
“As countless reviews of our tax system have made clear, a broad-based land tax will deliver major benefits to the state, improving labor mobility, land use allocation and the productive use of land around key economic centers.”
“We encourage the Government to work with the property industry on a new reform pathway to create an equitable, sustainable and efficient tax system that works for families and investors,” said Ms Hugo.
The First Home Buyer Legislation Amendment Bill 2023 will now be debated in the Legislative Council on Thursday 1 June, with the new thresholds due to begin on 1 July 2023.
ENDS
Media contact: Aidan Green | 04910 300 28 | [email protected]