Homebuyers in Victoria have paid $41 billion in stamp duty on property since 2001, says the Property Council of Australia.
In Victoria, revenue from stamp duty on property rose from $1.7 billion for the 2001 financial year, to $4.2 billion in 2014, with budget forecasts showing it will top $5 billion this financial year.
Victorian Executive Director Jennifer Cunich said the increasing revenue from stamp duty, which is viewed as the tax with the highest cost to economic growth and living standards, needs addressing.
Cunich says relying on homebuyers to fund $5 billion of the state’s budget annually is hurting families and holding back Victoria’s economy because it prevents the creation of new jobs. Recently, Victoria collected $400 million more in property taxes than was originally forecast.