Currumbin residents hit by Labor’s stamp duty increase

17 Jun 2011 10:28 AMJann Stuckey

17 June 2011

LNP Member for Currumbin Jann Stuckey MP said the State Government’s decision to remove the stamp duty concession for purchase of principal place of residence is a blow to Currumbin home owners.

“Households in the Currumbin electorate have been offered little relief from rising cost of living pressures in this year’s state budget, and the removal of the stamp duty concession is a further blow to the Gold Coast property market,” Ms Stuckey said.

“For an average $500,000 home this will cost at least $7,000 more, double the current rate, for people selling their home.

“In effect it will also be a tax on the economic activity in Queensland where people frequently move home in this State because of resource, agriculture and tourist industries. 

“This new tax on home ownership will not be in any way offset by the deceitful announcement by the Treasurer to provide a $10,000 grant to newly constructed homes for a six month period only.

“In the lead up to the next state election, this is Labor electioneering at its best – dangling the carrot at one end and hitting the majority of home owners with a big stick at the other.

“For a developed area like Currumbin, buying and selling of existing homes is much more common, placing many home owners directly in the firing line of this new tax.

“The LNP has warned Queenslanders for years to expect rising property taxes because of the State Labor government’s inability to manage the budget. 

“Queensland remains the only mainland State in Australia to have lost its AAA credit rating, and despite $17 billion in asset sales, State debt is predicted to soar to $85 billion in just 3 years time. 

“Labor’s 2011 budget delivers no relief for struggling households who will continue to be hit with rising costs of water, electricity and fuel because of Labor’s economic mismanagement.