Page 1515 - Week 06 - Thursday, 2 July 2020
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reduce that stamp duty to zero and reduce stamp duty to zero for the purchase of off-the-plan unit title properties with a value up to $500,000. This provides an $11,400 stamp duty reduction on off-the-plan unit title purchases with a value between $500,000 and $750,000.
I note that there is renewed interest in the abolition of stamp duty, and just yesterday, here in Canberra, the New South Wales Liberal Treasurer presented a report that he had commissioned into state and territory tax reform and the future of federal financial relations, and his number one recommendation was to do exactly what the ACT government has been doing for the last eight years, and that is the phasing out of stamp duty.
Through the initiatives that I have announced this year and through the stamp duty cuts I have delivered in every budget that I have delivered as ACT Treasurer, we are taking further steps towards the eventual elimination of stamp duty—as I said at the beginning of the process, a 20-year journey, a 20-year phase-out of stamp duty—and every year we have been reducing stamp duty. I have made some further announcements just—
Mr Wall: It is bringing in more money every year.
MR BARR: You might be a little ill-informed then, Mr Wall.
Mr Coe interjecting—
MR ASSISTANT SPEAKER (Mr Pettersson): The member will be heard in silence.
MR BARR: Thank you, Mr Assistant Speaker.
Mr Coe: Is it bringing in more money or not?
MR BARR: In the financial year that just concluded, no, definitely.
Mr Coe interjecting—
MR ASSISTANT SPEAKER: Chief Minister, can you resume your seat. Mr Coe and Mr Wall, I appreciate your enthusiasm but the Chief Minister will be heard in silence. Chief Minister.
Mr Coe interjecting—
MR ASSISTANT SPEAKER: Mr Coe!
MR BARR: We get monthly reports on own-source revenue, which is what I said to you last week. I reported that in my statement. Mr Assistant Speaker, I should not respond to interjections from the Leader of the Opposition.
Through his commentary, the Leader of the Opposition also assumed that there was no actual growth in the city in the period from when tax reform commenced until now.
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