Gabriel Metcalf, Committee for Sydney CEO, said:
“Stamp duty is a regressive and outdated tax that must be reformed.
Our economy and people’s home buying patterns have changed dramatically since the tax was introduced to NSW in 1865.
As we come out of the pandemic, now is the time to reform and bounce back stronger as a state and nation. Abolishing stamp duty on property purchase and replacing it with a broad-based annual land tax will be a key part of our bounce back.
We welcome today’s update from the NSW Government and look forward to the next steps on making it a reality.
The Federal Government has an important role to play in this.
Our national productivity would be significantly boosted should this reform be adopted. At the same time, NSW will face significant revenue challenges as it implements the reform.
The Commonwealth should offer payments to the states to encourage these productivity boosting reforms to be adopted.”