A quick election headline for NSW Labor’s Chris Minns would casually dump a breakthrough tax reform
Ken Henry’s 2010 tax review rightly identified the upfront hit of stamp duty on property purchases as the standout among Australia’s most inefficient taxes, hobbling worker mobility and leaving state governments in revenue feast or famine.
The Rudd government-appointed review recommended scrapping this tax in favour of a broader-based annual land tax. NSW Premier Dominic Perrottet has moved to from next week, giving home buyers an opt-in choice between land tax and stamp duty to buffer the impact on state finances.for first home buyers of houses up to $800,000, extending a Coalition exemption of $600,000 – and reaffirmed that he will dump the land tax plan, too. But he will pay for the $772 million plan by scrapping the $800 million first home buyers choice subsidy scheme. So for home buyers it may make little difference, while Mr Minns can link his name to a tax cut.
But in terms of good policy it has traded off one of the rare opportunities that has emerged for long-term tax reform during the past decade, all for a quick election headline.
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