Page 3676 - Week 12 - Tuesday, 28 October 2014
Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . . PDF . . . . Video
MADAM SPEAKER: There is no point of order.
MR BARR: Lease variation charges have absolutely no impact in relation to those particular figures. In fact, the ACT has performed very well against its long run average in recent times. Mr Smyth continues to make this assertion; he continues to be wrong.
MADAM SPEAKER: A supplementary question, Mr Smyth.
MR SMYTH: Treasurer, what impact has the government’s land tax changes had on these figures and what are the projections for the future impact on housing finance and construction in the territory?
MR BARR: The government’s land tax changes had no impact on those figures because the period that Commsec would be referring to would be before the land tax changes came into effect. As to the future, the rebalancing of land tax between single dwellings and unit dwellings will, in fact, see some investment types more attractive and others perhaps less attractive. Given the balance of dwelling types in the city between multi-unit and single residential, there being significantly more single residential than multi-unit, it may increase the level of investment from investors in single residential.
MADAM SPEAKER: A supplementary question, Mr Coe.
MR COE: Treasurer, what impact has variation 306 had on the costs of housing and construction in the ACT, and also on the yield of land supplied to the market?
MR BARR: In terms of the costs of housing, very little. The biggest determinant there would of course be the cost of land, and that has either been falling or holding steady. The government has of course been reducing the range of taxes on housing, particularly the phased abolition of stamp duty, which is putting downward pressure on house prices. I do note that over the last three years rents and house prices have fallen between 12 and 20 per cent.
MADAM SPEAKER: A supplementary question, Mr Coe.
MR COE: Treasurer, in what year will stamp duty be removed?
MR BARR: Stamp duty is being progressively phased out. If you are a first homebuyer buying a newly established property, it has been phased out now. If you are over 60, and as part of the over-60s homebuyers bonus, then stamp duty has been eliminated.
Mr Coe: On a point of order, Madam Speaker.
MADAM SPEAKER: A point of order. Could we stop the clocks?
Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . . PDF . . . . Video