The Real Estate Institute of Australia welcomed comments by the Treasury Secretary that there needs to be a move to abolish state-based real estate stamp duties. The REIA Acting President said that stamp duties are inequitable, inefficient, and an unstable source of revenue for state governments. Abolition of stamp duties would improve mobility and social and economic development, and replacing them with more efficient taxes could improve household consumption by around 2%. The REIA will take this position to the Tax Forum in October and seek a commitment to reform from State and Federal Governments.