Stamp duty ‘still too high’
John Hill, acting president of the Real Estate Institute of Australia, said yesterday that state stamp duties on house purchases are still too high and are continuing to rise.
In some capital cities home buyers are paying the equivalent in stamp duty of the purchase price of a new car, he claimed.
The introduction of the GST in July 2000 was supposed to reduce states' reliance on their own taxes, Mr Hill said. But despite windfall revenue from stamp duty on property sales, some states and territories have recently increased it further, he said.