Recently the Victorian opposition has announced it would scrap stamp duty for first home buyers who purchase a property less than $1 million if it wins the state election.
Scrapping stamp duty has been a key pre-election push from the Victorian Chamber of Commerce and Industry (VCCI).
Opposition Leader Matthew Guy has said, “We want to get more Victorians into home ownership, not into long term renting, but into owning their own home.
It is said that this policy, costed by the Parliamentary Budget Office, would save 7,000 families up to $55,000 over a year.
Should the Liberal Party be elected, this pledge will be introduced for both new and existing homes. The policy would last for 12 months from January 1st, 2023, costing the budget $261 million in lost revenue.
Grattan Institute economic policy program director Brendan Coates said the policy, if enacted, would likely slow the cooling of the housing market for homes under $1 million.
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