Gladys Berejiklian has back flipped on a key budget measure by allowing
foreign-owned developers based in Australia to apply for exemptions from
new land tax and stamp duty surcharges.The State Revenue Legislation Amendment (Surcharge) Bill passed this afternoon in NSW Parliament today provides refunds and blanket exemptions for foreign investors who own Australian-based businesses.
Greens MLC and Treasury spokesperson Justin Field said the Berejiklian-Barilaro Government had just given an early Christmas gift, worth tens of millions at least, to the property development lobby.
"These refunds and exemptions on land tax and stamp duty show the NSW Liberal/National Government is yet again favouring the vested interests of property developers over housing affordability and public housing," he said.
"The Government has created a credible revenue stream through these stamp duty and land tax surcharges which it could re-invest in improving housing affordability but will instead return to certain property developers.
"We are now left with some uncertainty as to how the provisions will be implemented and just how many developers will be able to obtain exemptions.
"Knowing what we know about how businesses and individuals arrange their affairs to avoid taxes, we also need assurance these provisions will not be used as a loophole for a wider range of non-Australian investors.
"The Greens maintain that supply is not the answer to housing affordability. We need strong action on homelessness, social housing, and an affordable rental market.
"This Government's obsession with supply is putting more money into the pockets of property developers while the public continues to suffer.
"This Government needs to listen to the people across the state looking to put a roof over their families' head, rather than cave into the demands of the building industry lobby.
We need a Government that act for people not property developers," he said.
22 November 2017
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