Page 2762 - Week 08 - Thursday, 11 August 2016
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MADAM SPEAKER: Order! I would like to hear Ms Lawder’s supplementary question.
MS LAWDER: Treasurer, what changes to conveyance duty thresholds and rates will occur from next year's budget and what are the rates and thresholds underpinning the forward estimates?
MR BARR: The government has been cutting stamp duty in every budget. I am pleased to be able to advise that from the time we began stamp duty cuts in 2012 to now, on a $300,000 property we have cut stamp duty by 43 per cent, or $4,000, from $9,000 to $5,000. On a $500,000 property stamp duty has been cut by a third, from $20,500 now down to $13,400, a saving of over $7,000. On a $600,000 property stamp duty has come down by nearly $8,000. On an $800,000 property stamp duty has come down by nearly $8,500. On a million-dollar property stamp duty has been cut by over $7,000.
Over the next stages of tax reform the cuts continue. A $300,000 house will see the duty cut by just under 60 per cent from when reform began. For a $500,000 property stamp duty will be cut in half—by 51 per cent, a saving of over $10,000. For a $600,000 property the saving will be $12,350, or 47 per cent. On an $800,000 property the saving will be $15,250, a 40 per cent reduction.
And you have opposed every one of those stamp duty cuts that make housing more affordable for Canberrans at whatever stage of life. My commitment is to cut stamp duty in every budget that I am Treasurer. I have done so for the past five, and if we are re-elected we will continue to cut stamp duty.
MADAM SPEAKER: A supplementary question, Mr Coe.
Mr Hanson interjecting—
MADAM SPEAKER: I would like to hear Mr Coe, Mr Hanson.
MR COE: Treasurer, whilst your conveyance cuts might be sustainable from your budget’s point of view—
MADAM SPEAKER: Preamble.
Mr Gentleman: Preamble.
MADAM SPEAKER: I have already done that, Mr Gentleman. It is all right.
MR COE: How is it sustainable for households that have already paid stamp duty and are seeing rapidly increasing rates?
MR BARR: On average, Canberra households move once every seven years. These reforms are being phased in over a 20-year period. Given the frequency of movement—
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