6 Oct
2020

Warning as stamp duty escalates

first_imgStamp duty is rising three times faster than house prices says the HIA.STAMP duty is rising three times faster than house prices, and unless checked will significantly drain the pockets of future homebuyers, industry analysts have warned.The latest Housing Industry Association Stamp Duty Watch report warned that state governments were becoming increasingly reliant on housing taxes to fill coffers.“Stamp duty bills have increased almost three times faster than house prices since the 1980s and this trend will continue unless stamp duty is reformed,” said HIA senior economist Shane Garrett.Victoria’s typical stamp duty bill jumped from 1.9 per cent to 5.2 per cent of the median dwelling price between 1982 and 2017 — equivalent to a 4,000 per cent surge in the cash value of stamp duty.More from newsParks and wildlife the new lust-haves post coronavirus22 hours agoNoosa’s best beachfront penthouse is about to hit the market22 hours agoNSW homebuyers saw stamp duty rise from 1.6 per cent to 3.8 per cent during that time, while Queenslanders were somewhat less encumbered having gone from 1 per cent to 1.6 per cent. Stamp Duty as a Proportion of Median Dwelling Price, 1982 to 2017: Source: HIA“Increases in home prices cause stamp duty bills to accelerate because stamp duty rate brackets are rarely updated. This is the problem of stamp duty creep.”State government revenue from stamp duty had almost doubled in the past four year, Mr Garrett said, going from $11.7b in 2011/12 to $20.6b in 2015/16 — most of which was off residential building. “State governments are increasingly reliant on rising stamp duty revenues. This situation is not sustainable. The stamp duty burden is increasing under every metric: nominal dollars, real dollars, as a proportion of dwelling prices and as a share of total state revenue. Without reform, this trend will continue.“By draining the pockets of homebuyers to the tune of over $20 billion each year, stamp duty is a central pillar of the affordability crisis. A long plan to do away with the scourge of stamp duty would be a huge victory for housing affordability in this country.” FOLLOW SOPHIE FOSTER ON FACEBOOKlast_img read more

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20 Sep
2020

Song hopes West Ham hit right notes

first_img Despite Arsenal’s formidable run of seven consecutive home victories in the Premier League, Song – who played for the Gunners between 2005 and 2012, before joining Barcelona – believes the Irons can repeat Monaco’s performance after the unfancied French side stunned the Emirates Stadium with a 3-1 Champions League victory last month. “I know this stadium very well and I know when you play with Arsenal it’s very hard, but I think Monaco is how you want to play when you play in the Emirates,” Song told the West Ham website, www.whufc.com. “The best thing to do is to try to be together, defend together very well and when you have the opportunity to go on the counter attack, you have to do it very well like Monaco did it. “If you want to go to Emirates and try to play you will not have any chance to win the game there because this stadium is very hard to play in. “You have to stay together very compact and not give them any room, then take the opportunity on the counter attack. “If we do this very well like Monaco did, then we can get a good result there.” Song, the 27-year-old on loan from Barcelona until the end of the season, feels the Irons can raise their game against Arsenal. “We have shown a lot of things this season as a team, especially when we play against teams at the highest level like Manchester City and Liverpool or Tottenham. We’ve done very well and we need to continue to improve in this way,” said Song, who stayed in London to work on his fitness while the rest of the squad were away at a warm-weather camp in Dubai. Midfielder Alex Song believes West Ham can follow Monaco’s example and keep his former club Arsenal subdued at the Emirates Stadium on Sunday. “We can play better and hopefully this game on Saturday will be a very good test for us. “It has been a long time since we won a game in the league, so we must try to come back and try to win or get one point there. “Everything is possible in football and we just need to keep believing and trying hard on the pitch.” Song maintains there can be no room for sentiment against his former club. “They are one part of my life and, because I went there when I was 17, I always say it is my family,” the former Cameroon international said. “I know this is a special game for me, but that is football and I have to take all the emotion out and just try to play my game, to play the best football I can to help the team to win.” The Hammers head across London looking to kickstart their Barclays Premier League campaign, having plummeted down to 10th place after no wins in the last six and back-to-back defeats. Arsenal, meanwhile, have surged back into the top four and are into the FA Cup semi-finals after beating Manchester United at Old Trafford on Monday night. Press Associationlast_img read more

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