Reia media release sept 2011

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Reia media release sept 2011

  1. 1. The Real Estate Institute of Australia 16 Thesiger Court Deakin ACT 2600 02 6282 4277 I www.reia.com.au    Media Release Wednesday 21 September 2011 _______________________________________________________________________________________REIA welcomes Treasury comments on stamp dutiesThe Real Estate Institute of Australia (REIA) has welcomed the comments made by the Secretaryof the Treasury, Dr Martin Parkinson, that there needs to be a move to abolish state-based realestate stamp duties.Mr Parkinson identified stamp duties as the biggest drag on productivity and a tax which inhibitseconomic adjustment.“The REIA has long advocated reform of state property taxes,” said REIA Acting President, MsPamela Bennet.“State based stamp duties are inequitable, inefficient and an unstable source of revenue for stategovernments,” Ms Bennett said.Stamp duties represent additional costs to property transactions, discouraging turnover of housingand distorting choices between renting and buying and between moving house and renovating,”she continued.Abolition of stamp duties would not only improve mobility but also improve social and economicdevelopment.Ms Bennett went on to say, “The abolition of all state stamp duties and replacement with moreefficient taxes will improve household consumption, a measure of economic wellbeing, by around 2per cent.”“The REIA will be taking this position to the Tax Forum in October and will be seeking acommitment from the State and Commonwealth Governments to take an agreed and coordinatedapproach to an agenda for reform,” conclude Ms Bennett.  The Real Estate Institute of Australia (REIA) is the national professional association for thereal estate agents in Australia. For further information or interview opportunities, pleasecontact:Pamela Bennett REIA Acting President 0412 212 313Amanda Lynch REIA CEO 0419 123 862Rhiannon McClelland REIA Manager Communications 0421 422 919

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