Labor cashing in on housing crisis
The Malinauskas Labor Government is raking in hundreds of millions of dollars in unexpected revenue as a direct result of skyrocketing Adelaide house prices.
New Valuer-General data shows the median metropolitan house price has surged to $975,000 – a staggering 13 per cent increase already this financial year.
This means on Adelaide’s median-priced home, the amount of stamp duty collected by the government has increased to $47,455, which is up from $41,405 at the start of the financial year.
State Liberal Leader Ashton Hurn said the additional $6,000 in stamp duty is going from the pockets of South Australian families straight into the government’s coffers.
“While South Australians are saving every spare dollar they can to afford a deposit, Labor is collecting thousands more in tax every time a family buys a home,” Mrs Hurn said.
“This extra revenue should not be quietly added to the State Government’s bottom line. It should be returned to South Australians through meaningful stamp duty relief that helps more people achieve the dream of home ownership.”
Shadow Minister for Housing Josh Teague said when the median house costs $110,000 more than it did nine months ago, every dollar of additional stamp duty revenue should be used to help buyers enter the market.
“The Government should be looking for ways to reduce the barriers to home ownership, not benefiting from them,” Mr Teague said.
“Every extra dollar of stamp duty makes it harder for first home buyers and young families to get their foot in the door.”
Analysis of budget documents shows the amount of stamp duty collected by the State Government over the past three and a half years is $927 million above projections.
Shadow Treasurer Ben Hood said this additional revenue has been generated not because the economy is stronger, but because home ownership is becoming more expensive.
“We are calling for the Treasurer to show where this windfall is going when he delivers the state budget on Thursday,” Mr Hood said.
The Malinauskas Labor Government is raking in hundreds of millions of dollars in unexpected revenue as a direct result of skyrocketing Adelaide house prices.
New Valuer-General data shows the median metropolitan house price has surged to $975,000 – a staggering 13 per cent increase already this financial year.
This means on Adelaide’s median-priced home, the amount of stamp duty collected by the government has increased to $47,455, which is up from $41,405 at the start of the financial year.
State Liberal Leader Ashton Hurn said the additional $6,000 in stamp duty is going from the pockets of South Australian families straight into the government’s coffers.
“While South Australians are saving every spare dollar they can to afford a deposit, Labor is collecting thousands more in tax every time a family buys a home,” Mrs Hurn said.
“This extra revenue should not be quietly added to the State Government’s bottom line. It should be returned to South Australians through meaningful stamp duty relief that helps more people achieve the dream of home ownership.”
Shadow Minister for Housing Josh Teague said when the median house costs $110,000 more than it did nine months ago, every dollar of additional stamp duty revenue should be used to help buyers enter the market.
“The Government should be looking for ways to reduce the barriers to home ownership, not benefiting from them,” Mr Teague said.
“Every extra dollar of stamp duty makes it harder for first home buyers and young families to get their foot in the door.”
Analysis of budget documents shows the amount of stamp duty collected by the State Government over the past three and a half years is $927 million above projections.
Shadow Treasurer Ben Hood said this additional revenue has been generated not because the economy is stronger, but because home ownership is becoming more expensive.
“We are calling for the Treasurer to show where this windfall is going when he delivers the state budget on Thursday,” Mr Hood said.
While South Australians are saving every spare dollar they can to afford a deposit, Labor is collecting thousands more in tax every time a family buys a home.
