Stamp duty on hit list for home affordability

Stamp duty exemptions should be given to all first home buyers and downsizing retirees according to a parliamentary inquiry into housing affordability. The senate committee concluded housing affordability is now at all times lows and called on states to include low cost social housing in all new estates. The inquiry is also calling on the government to review negative gearing, the capital gains tax discount and other tax breaks targeting housing that cost taxpayers $50 billion per year. The senate committee criticised state based stamp duty on the sale of houses but did not call for their abolition.

Source: The Australian Financial Review