STAMP DUTY SLOWS PRODUCTIVITY

STAMP DUTY SLOWS PRODUCTIVITY

ABOLISHING stamp duty will lead to a more flexible and mobile workforce, according to the Property Council of Australia.

The industry association has backed the Building Australia’s Comparative Advantages report released by the Business Council of Australia, suggesting the removal of stamp duty would allow more workers to relocate higher employment areas.

Property Council of Australia chief executive Ken Morrison says the fees are a barrier and deter many people from moving for work.

“Workforce mobility is essential as the national economy transitions from the mining investment boom to a new phase of growth,” Morrison says.

“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.

“Unfortunately, there are many impediments to relocating which makes an already daunting decision harder.”

Morrison says stamp duty in impacts house prices, meaning a significant loss of capital for families looking to relocate.

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

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

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