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Please Sir, I want Some More

6 Mar 17

While REISA welcomes the news that Victorian first home buyers will be reaping the rewards from the abolition of stamp duty on homes up to $600,000, it calls upon the South Australian State Government to take note and follow suit.

REISA CEO, Greg Troughton said, “While I am delighted that our Eastern neighbours have seen the light and recognised that housing affordability is being severely affected by this heavy burden upon home buyers, it is time now for South Australia to take this problem seriously”.

“It is has long been established that stamp duty is a volatile and ineffective tax. While we recognise that property taxes are important to the State Government, there is way too much reliance on them as their primary source of revenue. REISA has long called for a reform to the property taxation system in South Australia and the introduction of a higher GST to compensate the States for any loss in stamp tax revenue”

“We already have a brain drain to the eastern states. The State Government is constantly seeking ways of making South Australia more attractive to our brightest and most entrepreneurial citizens so why are we giving them even more reason to move east?”

“Housing affordability is a major player in the decision of our young South Australians on where they want to live, work and play. The South Australia Government needs to follow the decision of the Victorian Government and remove stamp duty immediately so that the property cycle can turn without impediment or unnecessary interference” Mr Troughton said.

The first home buyers in this State are standing behind Oliver Twist and imploring our Treasurer that they “want some more”.