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The Victorian Chamber of Commerce & Industry (VCCI) has recommended the Victorian Government follow NSW’s lead and abolish stamp duty in its upcoming 2021 Budget.
CEO Paul Guerra says that switching to a broad-based land tax regime will provide greater revenue certainty for the government while reducing the cost burden on home owners:
Now is the ideal opportunity for structural change to the revenue base. Victoria should switch from stamp duty to a broad-based land tax. This will activate significant economic growth and importantly remove an inefficient and market distorting tax…
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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.