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.”