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Two former heads of the Australian Treasury have united to call for the replacement of property stamp duties with a broad-based land tax:
Dr Henry says the stamp duties levied by state governments on property purchases create an unfair hurdle for young aspiring homeowners.
“It’s a big obstacle for first home buyers – saving for the deposit and then saving for the stamp duty – it’s just nuts,” he said. “Particularly in Sydney, it’s a massive bill they’ve got to pay.”
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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.