Newspaper article Daily News (Warwick, Australia)

$91 Every Month: How Stamp Duty Hits Families

Newspaper article Daily News (Warwick, Australia)

$91 Every Month: How Stamp Duty Hits Families

Article excerpt

STAMP duty on home purchases cost ordinary Australian families over $90 every month, according to the Housing Industry Association.

This startling result is contained in the latest edition of the HIA Stamp Duty Watch which is released this week.

During June 2016, the typical stamp duty bill was $17,811 for a non-first home buyer owner occupier, which added another 3.6 per cent to the cost of purchasing a home.

This means that stamp duty eats up almost four months' worth of after tax income.

"By eroding deposits and making home buyers borrow more, stamp duty is estimated to add $91 per month to household mortgage repayments for a median priced home," said HIA senior economist Shane Garrett.

"(The) report from the HIA exposes the true impact of stamp duty on families, with a $91 commitment every single month to pay for this.

"Apart from hurting ordinary households, stamp duty restricts economic activity and obstructs the national dwelling stock from achieving its full potential in terms of the people it can house. …

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