Labor’s plan to slug first home buyers

Shadow Treasurer, Michael O’Brien

Labor Treasurer Tim Pallas is looking to double the stamp duty paid by young Victorians looking to buy their first home.

The current 50 per cent stamp duty concession, introduced by the former Coalition Government, will save Victorian first home buyers $764 million over the next four years.

This concession – equivalent to saving of $15,000 on a $600,000 home – is vital in helping young Victorians make the transition to home ownership.

Appearing before the Public Accounts and Estimates Committee this morning, Tim Pallas attacked the concession and confirmed Labor is looking to scrap it. Such a move would lead to a massive tax hike in stamp duty at the expense of young Victorians struggling to buy their first home.

Quotes attributable to Shadow Treasurer Michael O’Brien:

Doubling stamp duty for first home buyers is a cowardly act from a Treasurer who can’t manage money and a Labor government which doesn’t care about first home buyers.

Only Daniel Andrews would think doubling stamp duty on first home buyers would help housing affordability.

I call on Daniel Andrews to immediately rule out this vicious attack on young Victorians and to confirm the 50 per cent concession will remain in place.
Media contact:      Michael Lewis         0433 495 454         michael.lewis@oppostion.vic.gov.au