Sector leaders push for property tax reform; Treasurers conference presents perfect platform for change

MEDIA RELEASE

Leading property sector organisations, the Real Estate Institute of Victoria (REIV), Australian Property Institute and Housing Industry Association (Victoria), are coming together to seek innovative property tax reform.

Ahead of today’s State/Territory Treasurers’ Forum, a coalition of concerned industry body leaders is hoping Victoria can lead necessary dialogue on a raft of new initiatives, including a complete re-think of the much-maligned stamp duty as part of an overarching review on property taxation policy.

REIV CEO, Quentin Kilian, said initial conversations between property sector leaders had galvanised a strong and united view across the industry.

“Now is the right time to explore all avenues when it comes to rethinking the tax structure affecting Victoria’s real estate market,” he said.

“As an industry, we are determined to seize this opportunity to fundamentally reform outdated and ineffective tax policy so that we can ensure more Victorians own their own home and can invest in property,” Mr Kilian said.

“The knowledge and expertise of the sector are at the Victorian Government’s disposal, and we offer support to build a better approach that is in the best interests of aspiring and existing homeowners and investors, as well as businesses and employees of the industry.”

Australian Property Institute CEO, Amelia Hodge, said: “There is a growing chorus for real and meaningful change of the tax structure which gives us reason to be optimistic about what can be achieved in Victoria. As an industry, we look forward to working constructively with state government and making a considered contribution to a future property tax regime.”

Housing Industry Association Victorian Executive Director Fiona Nield, said: “New homes and land in Victoria are already heavily taxed. The combined contribution of property, housing and development taxes is forecast to increase to over fifty per cent of state revenue this financial year. If improving housing affordability is a goal for the State Government, reform is needed now.”

Mr Killian added: “With global and local market forces creating a challenging operating environment for the building industry, we support wholeheartedly any initiatives that can make the dream of home ownership and investment more affordable and accessible for a larger number of more Victorians and, in turn, sustain a strong sector for the long term.”

The group of industry leaders is focusing its work around the impact that taxation reform could have for all participants. It will be inviting the Victorian Government to meet in the coming weeks and pave a way forward.


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