Multiple submissions have been made to a Federal Government inquiry into housing affordability calling for the scrapping of stamp duty.
While stamp duty is a state fee, submissions to the inquiry suggest national cabinet meetings could be used to co-ordinate reform. The Housing Industry Association, Urban Development Institute of Australia, University of Canberra, Domain and the Urban Taskforce all want stamp duty put on the agenda.
Stamp duty can add tens of thousands to the cost of buying a home. Only the ACT has committed to phase it out, while NSW is considering a switch to a smaller annual land tax.
The HIA labels stamp duty as inequitable and inefficient, while the UDIA says tax reform is achievable through a whole-of-federation endeavour.
The Urban Taskforce is recommending the Federal Government take the lead in discussions with the states to abolish stamp duty and replace it with a broad-based tax.