Mirvac tells states to wean off stamp duty

NSW Treasurer Dominic Perrottet’s plan to phase out stamp duty on property transactions and replace it with a land tax has won broad support, including from Mirvac CEO Susan Lloyd-Hurwitz.

Lloyd-Hurwitz says stamp duty is a “very poor tax” that lessens mobility and keeps people in the wrong type of housing “for too long”. Lloyd-Hurwitz added that she would like other states follow the lead of NSW:

“Stamp duty is clearly – and it’s been proven time and time again from review after review – a very poor tax. It reduces mobility, it keeps people in the wrong type of housing for too long,” Ms Lloyd-Hurwitz told The Australian Financial Review, following Mirvac’s annual shareholder meeting on Thursday.

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