Push for Victoria stamp duty tax overhaul

Victorian Treasurer Tim Pallas says alternatives to the state government’s controversial stamp duty tax would push the state into a further $30 billion worth of debt.

“The problem of course with getting rid of stamp duty is not only the massive impact it would have on our budget position but also alternatives to it would require on our estimate about $30 billion worth of increased debt,” he said.

The state government receives around $7 billion a year worth of revenue from stamp duty which is funnelled into things like healthcare and education.

It is an unpopular tax among taxpayers, particularly as the housing crisis deepens and it’s harder than ever to be able to afford to buy a home.

This is something Shadow Treasurer Brad Rowswell pointed out today, and further said he’d like to check the Treasurer’s figures.