Treasurers’ agreement on growth welcome 

Putting economic growth at the heart of national tax reform is a positive outcome from today’s meeting of treasurers, said the Property Council of Australia.

Chief Executive Ken Morrison said it was encouraging that further work on potential growth-enhancing tax mix switches will be progressed.

“Cementing economic growth as the outcome of tax reform is a development we welcome,” Mr Morrison said.

“As Australia’s biggest industry, property keenly appreciates the potential for a better mix of taxes to unlock growth and create jobs.

“The compelling new research by Deloitte Access Economics we released this week shows just how big the tax reform dividend could be.

“Replacing stamp duty on property – firmly established as one of our most harmful economic taxes – with a more efficient revenue source like GST would add $3.3 billion to the economy.

“That’s a huge increase simply from switching taxes and removing a major barrier to economic growth and home ownership.

“Deloitte calculates that this switch would also boost consumption by a massive $9.7 billion, leaving households on average $20 per week better off.

“But it means all governments must be prepared to pursue big reforms, not piecemeal or patchwork solutions.”

Media contact:  Fiona Benson  |  M  0407 294 620  |   E  [email protected]