Queensland Government Records an Extra $3.5 Billion in Stamp Duty Tax

A new report by the Property Council of Australia has revealed that the Queensland government has collected an additional $3.5 billion (US$2.3 billion) in stamp duty over the last three years. Stamp duty applies when you buy or transfer a property. According to the Executive Director of Property Council’s Queensland Division, Jess Caire, stamp duty makes up one-third of the price of a new home in Queensland. An index released by property researcher CoreLogic on May 1 (pdf) showed that the median house price in Brisbane was $920,000 (US$610,000) . In a Property Council media release, Ms. Caire said the extra revenue represented a 29 percent increase in transfer duty receipts over the forecast....