Earlier this week, the Victorian Treasury was said to be considering an overhaul of the stamp duty system, including giving home buyers the option of paying an annual land tax instead, similar to what was implemented in NSW under the former Perrottet Government.
“A key concern in Victoria is that revenue lost in moving away from stamp duty towards a more stable revenue source from land taxes could leave a multibillion dollar hole in the budget at a particularly tight time for the state’s finances”, wrote The Age.
“One view is that any reforms should be tackled at the national cabinet level – potentially through the National Housing Accord – because any state reforms would have broader productivity benefits for the national economy”.
