The Property Council of Australia has endorsed the NSW Government for passing the Property Tax (First Home Buyer Choice) Bill 2022, allowing more Australians to achieve their dream of one day owning their home.
Acting NSW Executive Director Adina Cirson said Stamp Duty was an inefficient and volatile tax that puts a break on economic growth.
“We are pleased to see this this legislation has now passed the NSW Parliament and hope it is the first step to further reform that extends beyond first home buyers and considers genuine reform across all sectors of the market in line with our previous call for broad based tax reform,” Ms Cirson said.
“We welcome this reform which will help Australian”s buy their first home and it is pleasing to see the genuine opt-in choice has remained.
“However, we are disappointed, there is no inbuilt review of the reform to ensure there is no increase in cost of housing development and it ds not result in a disproportionate impact on other parts of the property sector as has been experienced in the ACT over the last ten years.”
“As such we will continue to monitor the first stages of this tax reform.”
Media contact: Aidan Green | E [email protected]