Page 2493 - Week 07 - Wednesday, 31 July 2019
Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . . PDF . . . . Video
significant amount of money that first homebuyers do not have to save as part of their deposit or, indeed, add to their mortgage and pay fortnightly or monthly repayments over 20, 25 or 30 years on that amount.
This is a very significant benefit for first homebuyers in our city. Combined with lower interest rates it means that more first homebuyers can get into the market sooner. That is what we want to see: more Canberrans being able to experience the security and stability that come with owning their own home.
MR PETTERSSON: How will abolishing stamp duty help first home buyers find the right place to call home?
MR BARR: Clearly getting a deposit together is a very significant component of first home ownership, and that is tens of thousands of dollars. This significant first hurdle of securing sufficient funds for a deposit should not be compounded by state and territory governments then reaching into the pockets of first home buyers to the tune of several tens of thousands of dollars more.
That is why from 1 July we are very pleased to have abolished stamp duty for eligible first home buyers. There is a means test associated with this, but a very generous one. What this does is ensure that those who are entering the housing market for the first time are not hit with a tax that is, on an average home, around $15,000 up front. That is a very significant benefit to those entering the housing market.
This is an important policy that we have been pursuing for some time and we are very pleased to deliver on it. Those opposite, of course, have a policy of supporting more stamp duty because they do not support tax reform.
MS CODY: Chief Minister, how does abolishing stamp duty for all eligible first homebuyers help in giving buyers more choice about where they live across our city?
MR BARR: The policy change means that all properties that are purchased by eligible first homebuyers are exempt from stamp duty, no matter where you buy in Canberra and whether you are buying a new or established home. This does give first homebuyers significantly more choice.
Mr Wall interjecting—
MADAM SPEAKER: Mr Wall!
MR BARR: What it does is ensure that every property across the territory comes under this new policy framework. We have become, I believe, one of the first jurisdictions in this nation to fully abolish stamp duty for this class of buyers across all property types, subject to a reasonable means test.
Mr Wall: Not for all categories.
MR BARR: If Mr Wall wishes to argue for a more generous means test that means that people who are on very substantial incomes should be receiving this government
Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . . PDF . . . . Video