As you’d be aware, the WA Labor Party were elected to government on Saturday. REIWA congratulates Mark McGowan and his party on their election victory, and welcomes the opportunity to work with them on the housing issues affecting West Australians.
Moving forward, it is important WA’s new government looks at ways to address the issue of housing affordability.
Specifically, we ask Labor to recognise the barrier state property taxes, like transfer duty and land tax aggregation rules, have on the buying and investing decisions of the WA public, and commit to finding more sustainable state revenue sources.
In the lead up to the election, we campaigned for four key policy reforms:
- No increases to state property taxes.
- Abolish land tax aggregation rules.
- Transfer duty exemption for “right sizing”.
- Transfer duty concession for off-the-plan transactions.
As part of our campaign, we surveyed WA property seekers about the impact state property taxes have on their lives, and 90 per cent of respondents said these taxes were a barrier to them owning or investing in property.
We understand the tough fiscal position facing the new government, however our scenario analysis shows the reforms we have proposed, in particular the transfer duty exemption for seniors looking to “right size”, have the potential to positively impact the state budget.
We will continue to advocate for you, our members and the WA public on key housing concerns, and we welcome the opportunity to discuss these issues with the new McGowan Government.
Neville Pozzi and The REIWA Team