The Property Council has welcomed the commitment of the Federal Government to review changes to Australia’s property taxes against their impact on housing supply and demand.
Ken Morrison, Property Council of Australia chief executive, says that property taxes and stamp duty impact housing affordability across Australia, hurting home-buyers, economic growth and jobs. He wants to see three levels of government working together on planning laws to address congestion and productivity.
Morrison says the property industry is waiting to see more details on the Government’s Value Capture proposals. “Property owners already pay stamp duty, land tax and capital gains tax – and we are wary of Government adding a Value Capture Tax on top of them,” he says.