South Australian Treasurer Tom Koutsantonis says there won’t be higher stamp duty or land tax for foreign investors in the State Budget.

 

In Victoria, foreign buyers of residential property will pay 7% extra in stamp duty, while the land tax rate will rise 1% in 2017.

 

In NSW, foreign investors will pay an extra 4% stamp duty surcharge from July and 0.75% extra in land tax from 2017.

 

In Queensland, foreign buyers will face an additional 3% stamp duty surcharge from October.

 

While the NSW government estimates it will generate an extra $1bn in revenue over four years through its tax rises, Koutsantonis says South Australia does not want to jeopardise foreign buyer activity in the state.