News

Calls for abolition of stamp duty to free up labour market

01 August 2014

The Property Council of Australia has said it would like to see stamp duty abolished to encourage more movement in the labour market. 

Their stance comes off the back of the report from the Business Council of Australia (BCA) that said removing barriers such as stamp duty will encourage more workers to take up opportunities to relocate in future employment hubs or boom areas. 

Property Council of Australia Chief Executive Ken Morrison told Brokernews that the Building Australia’s Advantages report from the BCA supported claims they’ve been making for some time. 

“Today’s report by the BCA reinforces what we have been saying for years – stamp duty is a ball and chain that deters many Australians from relocating for work,” he said. 

“As new areas become employment hubs, we need to make sure we have the right people in the right places and that means assisting Australians to relocate to where the jobs are.” 

“For people already feeling the pinch, particularly those looking for work, the additional hit to savings of stamp duty costs makes the decision to relocate a last resort.” 

“The Property Council has consistently argued that stamp duty is a handbrake on workforce participation and locks many Australians into housing and locations tht do not suit their needs.”

“Abolishing stamp duty is essential to encouraging greater productivity in our changing economy and must be considered as part of the Federal Government’s tax reform agenda.”

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