The McKell Institute welcomes the Malinauskas Government’s announcement to abolish stamp duty for South Australians over 60 looking to downsize, but is calling on the Government to go further.
While it is a constructive step toward improving housing mobility and encouraging supply, more can be done to boost housing construction and improve affordability.
McKell’s new report, Funding Fairer Housing, calls for stamp duty cuts for anyone purchasing a new dwelling that will be their principal place of residence.
Under the proposal, the concession applies to:
-
New dwellings
-
All purchasers who are not investors
-
Properties capped at 50 percent above median dwelling prices
McKell has proposed the policy be fully funded through a national levy on ultra-wealthy individuals with landholdings valued over $20 million, ensuring housing reform does not come at the expense of essential public services.
The Extreme Land Wealth Levy would aggregate data from existing state land taxes and include related entities, solving the problem of ultra-wealthy landholders exploiting trusts and company structures to avoid tax, often with portfolios spread across multiple states.
“Extending stamp duty relief beyond first home buyers and over-60 downsizers encourages even more construction and boosts supply,” said Hannah MacLeod, McKell Institute SA/NT Executive Director.
“This creates a fairer playing field for South Australians who are increasingly being squeezed out of the market by investors.”
“The McKell Institute is keen to work with the South Australian Government to deliver comprehensive and sustainable housing reform that boosts supply and improves affordability.”
Contact details:
Hannah MacLeod 0431 264 036 / Lauren Ferri 0422 581 506
