Total real estate-related taxes have more than doubled over the past 11 years, according to (Australian Bureau of Statistics) data from the Australian Bureau of Statistics.
Thanks to the boom in the property market, Australia`s government and local government property tax revenues totaled A $52.5 billion in fiscal 2017, accounting for 52.8 percent of total government revenues, a record high.
Australia`s two big real estate markets-New and Victoria stamp duty revenue growth rate is among the highest in the country.
In fiscal year 2016 / 17, New state stamp duty revenue was A $8.9 billion, or 49% of total government property tax revenue, while Victorian stamp duty revenue was A $6.3 billion, accounting for 42.6% of government property tax revenue.
As the housing market slows down, stamp duty revenues are likely to fall in the next few years, according to CoreLogic data. "in the second half of 2017 and from 2018 to now, we have seen a decline in both house prices and housing transactions. As a result, we expect both stamp duty and property tax revenue to decrease in the current fiscal year, "the spokesman said.
In a recent report, (Housing Industry Association), the housing industry association, called for a nationwide stamp duty reform, noting that since the 1980s, the rate of increase in stamp duty has almost tripled that of house prices.
Malcolm Gunning, chairman of the Australian real estate association (Real Estate Institute of Australia), also said stamp duty had been a major obstacle to buying homes, especially for first-time buyers.
He said: "Stamp duty will reduce labor mobility, thereby discouraging economic vitality. "many people who want to replace small houses are deterred by stamp duty, which prevents the supply of housing from being fully utilized."
"in addition, a number of studies have shown that stamp duty reform is better for improving housing affordability than tax deductions and asset value added tax (VAT) (CGT) reforms."
According to the Australian Bureau of Statistics, the Northern Territory`s (Northern Territory) levies the lowest amount of property tax, at A $ two hundred and twenty nine million nine hundred and ninety nine thousand nine hundred and ninety nine, mainly because the Top End region does not impose a land tax.
The report also provides data on property tax revenues for other regions, including A $8 billion in Kunzhou, A $4.5 billion in Western Australia, A $700m in Tasmania, about A $900m in the Capital Territory and just below A $3 billion in South Australia.
