Ehssan Veiszadeh, Deputy CEO of the Committee for Sydney:
“Phasing out stamp duty is the most important tax reform the government of NSW could undertake.
Every major study on the tax structure identifies this as a key opportunity.
The state government is finding its way through the politics in two ways: first, they are making it voluntary, so people can opt in to a land tax instead of stamp duty if they choose; and second, they are working cooperatively with a reforming federal Labor Government, which has signalled a willingness to help finance the transition.
The problem with stamp duty is it’s a tax on moving home. It’s a discouragement for properties to transact, which means it makes it harder for people to adjust where they live based on things like changing family size or getting a new job.”