Page 2072 - Week 07 - Thursday, 4 June 2015
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for perspective tenderers. Regulatory reform and red tape reduction is a priority of the government, and we are committed to creating a diverse and successful environment in which local businesses and the community can thrive.
A very clear indication of the government’s commitment is the establishment of Access Canberra, a significant step towards one government regulatory experience. Access Canberra ensures there is no wrong door for businesses and residents engaging with the ACT government, eliminating the need for businesses, community organisations and individuals to work through the multiple complex entry points for consumer and regulatory services.
MADAM SPEAKER: A supplementary question, Ms Fitzharris.
MS FITZHARRIS: Treasurer, how is tax reform helping buyers of property?
MR BARR: It is helping greatly. The rates of conveyance duty and insurance duty have been reduced in every budget since 2012-13 and the cumulative savings are very significant. This has meant savings for both households and businesses, so purchases of commercial property also receive the benefit of our stamp duty cuts.
Insurance duties make insurance more expensive. We want to encourage people to take out insurance, so we are removing the tax on that insurance. It also allows those households and businesses who might have some level of insurance to be able to take out a higher level of insurance because they will not be paying a 10 per cent tax on it.
The abolition of insurance duties means that families and businesses will see a reduction in all insurance premiums. So if you have home contents insurance, the tax is down. If you have building and contents insurance, the tax is down. If you have comprehensive motor vehicle insurance, the tax is down. If you have public liability insurance, the tax is down. If you have professional indemnity or business insurances, the taxes are down.
Under this government insurance taxes are down. The government is cutting stamp duties. It is ensuring that housing affordability is enhanced in this city by cutting stamp duties on house purchases. For first homebuyers, for pensioners and for those over 60, stamp duty can be as low as $20—sometimes saving $20,000 that the Liberal Party wants to take from first homebuyers, from pensioners and from those who seek to downsize. Shame on the Liberal Party!
MADAM SPEAKER: A supplementary question, Dr Bourke.
DR BOURKE: Treasurer, can you tell us more about the savings homebuyers are making from these government tax reforms?
MR BARR: Very significant savings; tax reform started in 2012-13. So if you are purchasing a $300,000 block of land, for example, you are paying nearly a third less stamp duty now than you were in 2012—a saving of nearly $3,000. If you are purchasing a $500,000 property in this city, you are seeing a near 30 per cent reduction in your stamp duty bill, down nearly $6,000. If you are purchasing a
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