Westpac CEO: Dump stamp duties for land taxes

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Westpac CEO, Brian Hartzer, has joined the chorus calling for stamp duties to be replaced with a broad-based land tax:

Mr Hartzer on Tuesday argued that getting rid of stamp duty could help address the high cost of housing, and allow more first home buyers to enter the market…

“The big upfront cost of buying a home – particularly stamp duty – is both a barrier for buyers and a disincentive for people to sell a home that’s bigger than they need (since they would then incur their own stamp duty when they move),” Mr Hartzer said at the Trans-Tasman Business Circle lunch…

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.