News
SA's harsh property taxes affect investment |
Tuesday, 15 December 2009
The Rann Labor Government’s harsh property tax regime continues to cripple investment in South Australia.
Australian Bureau of Statistics data released today shows that nationally new private sector house commencements rose by 15% in September, yet in South Australia fell by 7.1%.
Steven Griffiths, Shadow Treasurer said that four consecutive falls in housing commencements clearly demonstrate that the Rann Labor Government’s ruthless stamp duty and land tax regimes are detrimental to investment within South Australia.
“Under the Rann Labor Government South Australia has become the highest taxed State in the nation. In South Australia land tax is levied at more than double the national rate making the average yearly South Australian land tax liability 62% above the national average, Mr Griffiths said.
“Additionally Stamp Duty on conveyances in South Australia are the second highest in the nation. Such financial imposts are hurting families and hampering our State economy.
“The Rann Labor Government’s taxes are discouraging investment in South Australia and are an incentive for people to invest their money interstate where tax systems are less callous, stated Mr Griffiths.
“It is clear that addressing the housing supply and affordability in our State is not a priority of the Rann Government.
Mr Griffiths said, the Rann Labor Government want investment and population growth to occur yet are to money-struck by massive land tax and stamp duty revenues to hear the cries for reform from South Australian families and investors facing these exorbitant taxes.