Stamp Duty Up 152% Over Last 5 Years

Stamp Duty Up 152% Over Last 5 Years

Northern Territory Shadow Treasurer Willem Westra van Holthe

Labor’s Stamp Duty Bonanza

Victor P Taffa

The explosion in stamp duty revenues pocketed by the Henderson Government over the past 5 years is another example of how its failed land release policies have hurt Territorians.

The latest Bankwest Stamp Duty survey shows the Labor Government has raised $513 Million from Stamp Duty on commercial and residential properties over the past 5 years.

The Data shows the Median Stamp Duty charge in Darwin is $22,153 an increase of 137% and in the Territory the median bill is $19,430 an increase of 152% over 5 years.

Shadow Treasurer, Willem Westra van Holthe, said the snail’s pace of land release in the Territory has seen the Government swimming in rivers of Stamp Duty gold while Territorians have struggled to stay afloat.

“Five years ago, the median charge in the Territory was $11,717 and over that time we have seen the biggest Stamp Duty percentage increase in the Country.” Mr. Westra van Holthe said.

“The chronically slow pace of land release for both the residential and commercial sectors has been a significant bonus for this Government, which has failed to find the right balance between supply and demand.”

“While the Government has raised the stamp duty threshold and has rebate schemes in place for home buyers, this doesn’t distract from the enormous revenues it’s been receiving over recent years.” Mr. Westra van Holthe said.

“Treasurer Delia Lawrie owes Territorians an explanation as to why the Government has got things so wrong.”

“The cost of living in the Territory is the highest of any Capital, City in the country, and the Government’s taxing regime only makes things worse.” Mr. Westra van Holthe said.