Victorian Government Admits to Stamp Duty Hardship

Published on March 23, 2024

Victoria’s deputy premier has recognised stamp duty is a major barrier for first home buyers to enter the market as the state considers reforming the controversial tax. The state government sent the strongest signal yet that it is open to major stamp duty reform, including the introduction of a broad-based land tax, on March 21. It comes a month after Treasurer Tim Pallas warned Victoria’s budget bottom line would take a $30 billion (US$19.6 billion) hit if stamp duty was scrapped. Deputy Premier Ben Carroll on March 22 said the backflip was due to competitive property market conditions keeping many Victorians out of home ownership. ...

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