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Victorian Labor’s latest housing tax hits Corangamite home buyers hard

In contrast to the Morrison Government’s housing initiatives which have supported 320,000 Australians into a home in just three years, Victorian Labor’s latest housing tax is a kick in the guts to homebuyers.

Labor’s new Social and Affordable Housing Contribution – a 1.75 per cent levy on the market value of three or more dwellings or three or more residential sub-divisions – is another housing tax which will drive up the cost of housing and make buying a home more difficult.

The Property Council of Australia estimates the new housing tax equates to an increase of 38.8 per cent in the cost of stamp duty.

The Property Council has calculated that the levy would see an extra tax bill of $11,725 on the median house price in Armstrong Creek.  This is a massive financial hit to Corangamite residents and demonstrates once again that higher taxes are in Labor’s DNA.

It also estimates that the housing tax equates to an additional cost of $19,600 on the median price of a new house in metropolitan Melbourne, $12,110 on the median price of a new unit in Melbourne and $9,362 on the median house price in Wyndham.

New homebuyers are paying the price of Victorian Labor’s incompetence and waste.

I call on Victorian federal Labor MPs including Corangamite’s Labor MP to stand up to Daniel Andrews and strongly oppose his insidious housing tax.

Whether it be lockdowns, border closures, Victorian Labor’s Belt and Road deal with the Chinese Communist Party or higher taxes, Ms Coker – a hard-left factional ally of the Premier’s – has been an exceptionally weak representative.  Corangamite residents deserve better.

18 February 2022

For more information, see Property Council’s media release here.

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