The Real Estate Institute of Queensland (REIQ) is welcoming Federal Housing Minister Clare O\u2019Neil\u2019s support for phasing out stamp duty, signalling the time is right for reform.<\/p>\n\n\n\n
Speaking to ABC RN, Minister O\u2019Neil expressed the Albanese Government\u2019s support for greenfield development and infill of higher-density suburbs, as well as backing calls for stamp duty – a \u201cbad tax\u201d, to be phased out.<\/p>\n\n\n\n
REIQ CEO Antonia Mercorella said this publicly stated position opened the door for the State Government to work with the Federal Government to phase out Queensland\u2019s outdated stamp duty regime to encourage a higher rate of home ownership.<\/p>\n\n\n\n
\u201cStamp duty presents a considerable barrier to those wanting to buy their first home, and to retirees seeking to downsize their family home,\u201d Ms Mercorella said.<\/p>\n\n\n\n
\u201cIt also hinders job mobility which affects the productivity of the entire economy, as well as impacting significant life decisions such as starting a family and moving homes.<\/p>\n\n\n\n
\u201cPhasing out stamp duty has the potential to drive a significant trend in \u2018rightsizing\u2019 to appropriately sized and located homes, substantially increasing the supply of housing into the market.<\/p>\n\n\n\n
\u201cNow is the time for the State Government to start that conversation and begin to negotiate a better GST outcome and incentive fund with the Federal Government in return for stamp duty reform.<\/p>\n\n\n\n
\u201cIt is a long-standing policy direction of the REIQ to see a phased transition to a land tax-based model starting with first home buyers, as well as abolishment of stamp duty for downsizers aged over 55 moving to a home with fewer bedrooms.<\/p>\n\n\n\n
\u201cWe appreciate that stamp duty is worth nearly $30bn over the forwards on the Queensland State Budget and that\u2019s why a phased-out approach is best to avoid placing additional pressure on the state\u2019s finances.\u201d<\/p>\n\n\n\n
ENDS<\/strong><\/p>\n\n\n\n <\/strong>Media enquiries: Read another media release from the REIQ: Rent caps officially scrapped, restoring confidence says REIQ<\/a>.<\/p>\n\n\n\n Or browse our suite of media releases<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" The Real Estate Institute of Queensland (REIQ) is welcoming Federal Housing Minister Clare O\u2019Neil\u2019s support for phasing out stamp duty, signalling the time is right for reform. Speaking to ABC RN, Minister O\u2019Neil expressed the Albanese Government\u2019s support for greenfield development and infill of higher-density suburbs, as well as backing calls for stamp duty – a \u201cbad tax\u201d, to be phased out. REIQ CEO Antonia Mercorella said this publicly stated position opened the door for the State Government to work with the Federal Government to phase out Queensland\u2019s outdated stamp duty regime to encourage a higher rate of home ownership. \u201cStamp duty presents a considerableRead More →<\/a><\/p>\n","protected":false},"author":1287,"featured_media":4631,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mbp_gutenberg_autopost":false},"categories":[53],"tags":[],"_links":{"self":[{"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/posts\/4630"}],"collection":[{"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/users\/1287"}],"replies":[{"embeddable":true,"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/comments?post=4630"}],"version-history":[{"count":1,"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/posts\/4630\/revisions"}],"predecessor-version":[{"id":4632,"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/posts\/4630\/revisions\/4632"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/media\/4631"}],"wp:attachment":[{"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/media?parent=4630"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/categories?post=4630"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/tags?post=4630"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
<\/strong>Claire Ryan, Media and Stakeholder Relations Manager, The Real Estate Institute of Queensland
M: 0417 623 723 E: media@reiq.com.au<\/a><\/p>\n\n\n\n