Economists have panned the Victorian opposition for not having a credible plan to repair the state budget, saying its pledge to abolish stamp duty for first home buyers would drive up house prices and a promise to cut $3 billion worth of taxes would deepen the state’s debt crisis.
Shadow treasurer James Newbury used his budget reply speech on Tuesday to announce the Coalition would abolish stamp duty for first home buyers on any property up to $1 million if it won next year’s state election. It would cost the budget $1 billion over four years.
