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On Tuesday, NSW Treasurer Dominic Perrottet unveiled a plan to give home buyers a choice between paying a one-off stamp duty or an annual land tax.
He called for the states to work together to phase out stamp duties on residential homes, and asked the federal government to help fund this costly reform.
Stamp duty is widely considered an "inefficient" tax because the large upfront payment discourages existing homeowners from moving. It also hinders first-home buyers attempts to enter the property market. As the property market fluctuates rapidly, it’s also an unstable tax source.
In this episode, The Sunday Age editor David King and economics correspondent Jennifer Duke tells us why stamp duty is so important to state governments and its potential reform.
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