Six-figure Housing Taxes Impeding Supply: HIA
The taxes on a median new home in Sydney are more than $260,000, the HIA has claimed.
The Housing Industry Association has pointed to a commissioned report from the Centre for International Economics, saying it reveals taxes related to housing are proving a major barrier to homebuyers. The research argued that new housing is one of the most heavily taxed sectors of the Australian economy, that homebuyers bear the burden for housing taxation, that stamp duties impede labour mobility and that the majority of housing taxes are inefficient.
HIA managing director Shane Goodwin said the high level of taxes on new home building are a major factor in the lack of housing affordability.
"We've got to the point where the tax on a median new Sydney home is over $260,000, and it's clear the type of impact this is having in terms of decreased affordability and constrained housing supply," he commented.
Goodwin called the taxes on new housing "excessive", and urged the upcoming Tax Forum to prioritise housing issues.