The Real Estate Institute of Australia (REIA) has welcomed the House of Representatives Standing Committee on Tax and Revenue inquiry into housing affordability and supply in Australia.
Announced yesterday, the inquiry is set to investigate the falling levels of home ownership across Australia and what actions the government can take to improve housing affordability.
REIA President, Adrian Kelly suggested the inquiry would specifically address property taxation in the form of stamp or transfer duties and land tax, which he said were the housing affordability’s largest barriers.
“Families across all the states and territories, except the ACT, are paying more stamp duty today than 20 years ago and it is time to get serious about stamp duty reform,” Mr Kelly said.
“Australia has had the fourth-fastest house price growth out of the world’s advanced economies over the past 20 years.
“Politicians cannot on one hand gripe about housing affordability; and then on the other say we need this income from home buyers and owners to fund public sector operations.
“REIA has called on the Council of Federal Financial Relations to take on board this issue seriously and nationally rather than just shift this responsibility off to states and territories.”
Mr Kelly said the massive market entry from First Home Buyers in both 2009 and 2020 show the power of waiving taxes and providing stimulus programs to boost home ownership.
“The lack of national coordination has led to limited supply of both new and existing listings across the board. Now more than ever we need fact based and bi-partisan support on policy issues for home buyers and home owners,” Mr Kelly said.
Mr Kelly thanked the Chair of the Committee, Jason Falinski MP, for his leadership in putting together the inquiry.
REIA will release its Housing Affordability Report – the case for home ownership – a 21 year analysis in the final week of August.
Submissions to the housing affordability and supply inquiry are invited by Monday 13 September 2021, by electronic format lodged online using a My Parliament account.
