Page 3415 - Week 12 - Wednesday, 18 September 1991
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Wednesday, 18 September 1991
____________________________
MR SPEAKER (Mr Prowse) took the chair at 10.30 am and read the prayer.
PETITIONS
The Clerk: The following petitions have been lodged for presentation, and copies will be referred to the appropriate Minister:
Land Tax
TO THE SPEAKER AND MEMBERS OF THE LEGISLATIVE ASSEMBLY FOR THE AUSTRALIAN CAPITAL TERRITORY
The petition of certain residents of the Australian Capital Territory draws to the attention of the Assembly: that
1. The ACT Government has announced its intention to levy a land tax of one per cent of the unimproved value of rented residential properties with effect from 1 August 1991.
2. This land tax will have serious consequences for investment purchasing in the housing industry at a time when the ACT rental market is experiencing a chronic shortage of rental stock.
3. This new residential land tax will undoubtedly have serious repercussions on tenants in that it will increase rents in the ACT.
4. The land tax would also affect the many "involuntary" landlords in the ACT, who have to rent their homes because of interstate and overseas postings.
5. Any disincentive to investment would also deal the ACT housing and construction industry a serious blow, and hinder the ACT's economic recovery and employment generation, especially for our young people.
6. The fallout effects of the new residential land tax will put more pressure on the ACT Housing Trust to provide additional rental accommodation in the ACT, at a time when their average waiting period exceeds two years.
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