Cairns home ownership challenges at centre of new tax reform
Cairns homebuyers Keely and Aidan Maxwell struggling to get a foothold on the property ladder say the axing of stamp duty would make their first home purchase easier on the hip pocket.
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Cairns homebuyers Keely and Aidan Maxwell struggling to get a foothold on the property ladder say the axing of stamp duty would make their first home purchase easier on the hip pocket.
On Friday in Cairns Premier David Crisafulli made two cost of living relief announcements that included the axing of stamp duty on new builds and the ditching of the proposed GP patient tax.
The reform, which is set to be implemented from May 1, is expected to save Queensland first-time buyers an average of $9,096 on a median-priced house-and-land package.
Mr Maxwell said the extra cash would help them secure a new home for his young family.
“It will be more money in our pocket for sure, it will definitely help along the way,” he said.
Mr Crisafulli described twin tax changes to pass the Queensland parliament on Thursday evening to be “historic.”
“The first is we have stopped Labor’s patients tax, which was due to come in on the first of July, it would have killed any opportunity for bulk billing, and it would have sent a shockwave through our medical system,” he said.
“The second is, we are abolishing stamp duty entirely on all new builds for first home buyers.
“This is about opening the door for first home buyers to get into the market.
“Queensland’s home ownership rate is the lowest in the country, and I’m not comfortable with that.
“We have to do everything we can to unlock the door, particularly for young people to get into the market.
“We’ve spoken a lot about supply, and that remains our first focus (but) we’ve got to get more supply into the market, but we have to do everything else we can to remove every impediment, to get people into their first home.
“And it’s a historic day, and I wanted to share it in the Far North.”
While welcoming the cost of living relief Hinchinbrook MP Nick Dametto said he would like to see the government go one step further and scrap stamp duty on insurance premiums.
“Over the past five years, the state government has pocketed $6.4bn in stamp duty from insurance premiums, they are effectively punishing people for doing the right thing and trying to protect their homes and businesses,” he said.
“Queensland’s extreme weather risk makes affordable insurance a necessity, not a luxury. “Instead of profiting off people trying to safeguard their properties, the government should be investing in disaster mitigation programs like the Resilient Homes Fund and the Household Resilience Program.”
Mulgrave MP Terry James said there were a lot of young people living in the Cairns area that are looking to purchase their first home.
“(This) is absolutely a great opportunity,” he said.
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Originally published as Cairns home ownership challenges at centre of new tax reform
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