STAMP DUTY SLOWS PRODUCTIVITY

Written on the 30 July 2014

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.”


Latest News

SIXTH CONSECUTIVE RECORD PROFIT FOR AP EAGERS

AP EAGERS (ASX: APE) will beat guidance with its sixth-consecutive record profit when it reports its full year result...

WINDSCREEN COMPANY SMASHED WITH BIG FINE FOR UNDERPAYING WORKERS

AN Adelaide car windscreens company and its director have been penalised almost $85,000 after exploiting seven employ...

GROUPTOGETHER A GIFT FOR TIME-POOR PARENTS

JULIE Tylman and Ali Linz have taken the stress out of gift giving by creating GroupTogether, an online platform whic...

SIRTEX CEO DISMISSED FOLLOWING SHARE TRADING PROBE

SIRTEX Medical Ltd (ASX: SRX) has sacked its chief executive officer, Gilman Wong (pictured), following an investigat...

Related News

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whe...

SMES TAKE RETAIL MARKET SHARE AS CONSUMERS CHOOSE PERSONALISATION

IN a battle for the hearts and wallets of Australian consumers, it appears that small and medium retail businesses...

KNOWLEDGE WORKERS AMONG MOST SOUGHT AFTER IN 2017

BUSINESSES searching for efficiencies and improved systems are in search of knowledge workers early this year, say...

FEMALE ENTREPRENEURS GET SPRINGBOARD TO GROWTH

DESPITE the fast-growing number of women studying STEM subjects at school and university, women continue to be und...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter