Stamp duties explode
From the sublime to the ridiculous, state governments levied an outlandish $20.6 billion in stamp duties on conveyances in FY2016.
This figures was up by 77 per cent since FY2012.
So much for investors "rorting" the system by savings a few thousand in net rental losses!
In New South Wales, where the bulk of property investment activity has taken place, stamp duties collected increased by an absurd 122 per cent over the five year period.
And that's with even more to come in FY2017!
Total state and local government taxes, including land taxes, increased from $33.5 billion in FY2012 to $49.6 billion.
The increase in total property taxes over the same year year period was therefore not far off 50 per cent!
As such, property alone accounted for well over half of taxation revenue for state and local governments at 52 per cent, up from 46 per cent in 2012.
No doubting that more property taxes will be the call, though. Always is!
