Canberra Business Chamber has welcomed today’s announcement that the ACT Government will raise the threshold for stamp duty exemptions for off-the-plan unit purchases, extending the threshold from $500,000 to $600,000.

Chamber CEO Graham Catt said: “Raising the stamp duty threshold is consistent with the ACT Government’s long term tax reform agenda and is a recognition of the significant increases in ACT housing costs over the past two years. This announcement will provide benefits for the building industry, for those looking to purchase a new unit, and to a community that is grappling with a lack of housing affordability.”

The Chamber said, however that more initiatives are needed to help meet affordable housing demand in the ACT.

“Our members are telling us that they are struggling to find the workers and the skills they need to support business growth,” Mr Catt said. “And every conversation about the challenges of finding staff points to the high cost of living in our city, and particularly the high cost of housing for the average worker, as a huge issue.”

The chamber says that while members will welcome the ACT Government’s extension of the stamp duty exemptions, much more needs to be done to create more affordable housing solutions.

“We’re in a highly competitive environment for talent, for workers and for business investment.” said Mr Catt. “Tackling high housing prices, particularly at the entry level, is a critical issue to support economic recovery and our future growth.”

 

-ENDS-

 

Media Contact:

 

Graham Catt, CEO, Canberra Business Chamber T: 02 6247 4199