Stamp out stamp duty to encourage labour movement

Stamp out stamp duty to encourage labour movementAbolishing stamp duty is the key to creating a more flexible and mobile workforce according to Australia’s leading property industry association.The Building Australia’s Comparative Advantages report released today by the Business Council of Australia highlights the need to empower workers to relocate to centres of higher employment, including removing barriers such as stamp duty.Property Council of Australia Chief Executive, Ken Morrison, said “Today’s report by the BCA reinforces what we have been saying for years – stamp duty is a ball and chain that deters many Australians from relocating for work.””Workforce mobility is essential as the national economy transitions from the mining investment boom to a new phase of growth.”As new areas become employment hubs, we need to make sure we have the right people in the right places and that means assisting Australians to relocate to where the jobs are.”Unfortunately, there are many impediments to relocating, which makes an already daunting decision harder.”Stamp duty in particular not only increases house prices but means a significant loss of capital for many families seeking to move.”For people already feeling the pinch, particularly those looking for work, the additional hit to savings of stamp duty costs makes the decision to relocate a last resort.”The Property Council has consistently argued that stamp duty is a handbrake on workforce participation and locks many Australians into housing and locations that do not suit their needs.”Abolishing stamp duty is essential to encouraging greater productivity in our changing economy and must be considered as part of the Federal Government’s tax reform agenda” Mr Morrison concluded.Media contact: Nick Westenberg, Manager, Government and External Affairs – 0400 279 661