The Real Estate Institute of Australia (REIA) has launched a campaign to phase out stamp duty, which the country’s peak real estate body slammed as “an inefficient, unfair tax”.
The country’s peak real estate body has announced the start of its new national and multi-year campaign called “Axe the Tax”, which aims to remove stamp duty fees from the overall cost of purchasing a home anywhere in the country.
REIA president Hayden Groves stated that as the country moves through the current economic and real estate cycle, there is no area of reform that will have greater benefits than the removal of stamp duty.
“With cost-of-living pressures mounting, stamp duty remains a major hurdle to first home buyers, those wanting to move around the country or invest in much-needed rental supply,” he stated.
Further revealing how much of a hot button issue the reform is among industry players, Mr Groves said there is almost “universal agreement” about the stamp duty being “an inefficient, unfair tax that stifles labour mobility and penalises those seeking to move to areas where better employment, educational or lifestyle opportunities exist”.
Author: Bosso
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