Government kicks ‘own goal’ on investment
Today’s announcement of a tripling in foreign investor taxes is an ‘own goal’ for a State Government claiming to be open for business.
Victorian Deputy Executive Director of the Property Council, Asher Judah, said in one fell swoop, the Government has surrendered Melbourne’s competitive investment edge to Sydney.
“Melbourne is now a more expensive city to invest in than Sydney,” said Mr Judah.
“By tripling the stamp duty surcharge on property purchases, the Government has rendered Victoria’s ‘off the plan’ stamp duty concession meaningless.
“This is a terrible outcome for future housing affordability as it will undermine the solid gains in supply output we have experienced in recent years.
“This is a bad day for the Victorian property industry.
“Increasing the residential stamp duty surcharge to seven per cent and the absentee owner land tax surcharge to 1.5 per cent will not go unnoticed internationally.
“Foreign investors will take the hint – they have long memories.
“We strongly encourage the Treasurer to reconsider this terrible decision.”
Media contact: Asher Judah | M 0499 841 715 | E firstname.lastname@example.org