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The Australian government will net more than $21 billion from real estate, stamp duty and land tax throughout 2008-09, prompting calls for a review of all state-based land taxes.
In comments to The Australian Financial Review, chief executive of the Property Council of Australia said: “Governments have been riding on the back of the property sector… It’s just unhealthy they’ve become too reliant on property taxes."
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The NSW Independent Pricing and Regulatory Tribunal (IPART) also slammed current policies in its review of the state’s taxation system, where it labelled current practices as “a major source of economic inefficiency”.
A full review of the Australian taxation system is due to be completed at the end of 2009.
Published 19-06-08
