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The Property Council of Australia has urged South Australia to make “courageous” decisions so it can return to surplus in next month’s state Budget.
Acting executive director Lino Iacomella said there is now an urgent need to cut spending and reform the tax system if the government wants to deliver a surplus on June 19.
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“This includes broadening the land tax base and reducing the top rate of land tax, which is the highest in the country,” he said.
“[South Australia] must engage with other states and the federal government to maximise opportunities to replace ugly state taxes like stamp duties with more sustainable and equitable revenue measures.”
The property and construction industry provides 40 per cent of the state’s tax revenue and 11.5 per cent of its jobs, according to the Property Council’s pre-Budget submission.
“Any government policy that impacts on the property and construction industry has a consequential impact on the state’s economy and the community,” it said.
The submission also urged the government to boost revenue by cutting red tape, attracting more skilled migrants and building key infrastructure projects.
South Australia will change its first home owner grant on July 1 by replacing the current $5,000 incentive for borrowers to buy existing homes with a $15,000 incentive to buy new homes.
